During the first quarter of 2019, the U.S. economy grew 3.2 percent, a faster pace than expected and reflecting the strongest start in 4 years. With job growth continuing to rise, and business investments increasing, companies continue to expand as well.
During our 45+ years of experience providing staffing, recruiting, and outsourcing, we've worked with many companies expanding their business. Reflecting on their journeys, we've identified 4 critical elements they incorporated in their market expansion strategy to successfully perform during this process.
The first element is the importance of solid Market Analysis in the new area. Research is the bedrock of any successful market expansion strategy. When it comes to a Greenfield Project, both qualitative and quantitative research can help answer multiple questions that an organization may have regarding its hiring needs, such as the labor market, available resources that will add value to the expansion process, and insights into how to best establish their employer brand in the new market.
The second one is the image of the company as an employer, a.k.a. its Employer brand. This element is critical to any greenfield initiative because of the value it adds to any expansion strategy as it pertains to developing a strong workforce. An article from LinkedIn states, "a strong brand impacts whether qualified candidates will decide to join your team – or accept a competitor's offer instead."
Following Employer Brand, evaluating the HR capacity will help answer the question as to whether the HR team will have the ability to support the expansion's hiring needs. Projects of this magnitude can stretch an HR department that is already juggling a multitude of tasks. How much time will the HR Team require to effectively recruit/hire in the new market, while also fulfilling other core activities?
Finally, finding Trusted Partners can help ease the complexity of the project. Developing alliances with partners that have a clear understanding of what the market looks like can bring several benefits that directly impact the success of the expansion.
Click below to download your copy of the full eBook and learn more about these essential elements if you are considering expanding your business into a new market.
Interested in partnering with MAU now that you know the guidelines? If you're looking for the best staffing agency to assist with your staffing, recruiting, outsourcing, and technology needs, contact us today.