Key considerations for your company growth strategy

Identifying and addressing company growth signals

Economic and consumer growth was stronger in 2023 than previously expected, largely driven by a strengthening labor market and increased consumer spending.¹ And while this is a strong sign for the future of business, it’s important to keep in mind that customer expectations also continue to rise. A ZenDesk report found that 60% of consumers have purchased something from one brand over another based on the service they expect to receive.² Understanding rising customer expectations and projected growth means developing a company growth strategy that identifies key growth signals, addresses them accordingly, and plans for a future where the customer is of utmost importance.

Growth often equals a reevaluation of any number of business processes and practices, not the least of which are legacy IT systems and solutions. Technologies like artificial intelligence (AI) are making their way into everyday conversations. And organizations are embracing new and innovative ways of leveraging their resources to remain competitive and pave the way to future advancement.

It's an exciting time for your organization, but what does it mean for your growth strategy? As your industry evolves, growth is essential to stay relevant. But how can you handle it? How can you manage the timing? And how can you ensure sustainable and scalable growth? In this article, we'll explore some key considerations for your business growth.

Identify growth signals to prepare your enterprise growth strategy

Below are some of the most notable signs that your organization is growing or preparing to grow. Identifying and preparing for these signs and changes will be a key component of your enterprise growth strategy.

Your headcount is expanding

As your organization prepares to grow, you'll need more resources and support, meaning more people to do the work. To attract and retain the best talent, you may need to increase your hiring budget and focus on talent acquisition. You'll notice teams growing more quickly than before, and resources must be allocated appropriately. These are all signs that your organization is growing or preparing to grow.

You’re consistently meeting or exceeding your goals

Setting measurable and actionable goals and key performance indicators (KPIs) is crucial to determine your teams' and processes' efficiency and effectiveness. If your teams consistently meet or exceed these goals, there's likely room for expansion and innovation. Monitor KPIs, especially if your organization prioritizes continuous improvement, to explore growth opportunities when the time is right.

Leadership is exploring acquisition opportunities

Acquisition is a key component of many business growth strategies. As organizations grow in both size and capability, they often look to augment their existing services and grow into new markets by acquiring other companies. If your leadership team is exploring acquisition opportunities or in the process of acquiring other companies, you should be prepared for considerable growth during and after the acquisition.

Your industry is growing

Industry growth results from various factors, such as the economy, the environment, social norms, and technological advancement. You can determine the growth trajectory for your industry by looking for increased organizational budgets, greater media coverage, higher demand for your services, and notable shifts in the market.

There’s increased demand for your product or service

As the market changes and your industry expands, you may notice an increased demand for your product or service. This may be signaled by more inquiries about your offerings, greater activity from your sales teams, or a larger investment in customer-facing tools and resources. To meet this demand and provide a positive experience for both potential and existing customers, it's essential that your organization is prepared for growth.

A proactive company growth strategy to prepare your teams and technologies

If you notice that your organization is growing or preparing to grow, it is essential to take some key steps to ensure that your talent and processes are ready to grow alongside the business. A reactionary approach to growth can unintentionally lead to a pileup of technical debt and other issues that take time and resources to resolve. Being forward-thinking can help you anticipate and alleviate some of these problems before they occur, enabling you to grow faster and more successfully.

If your organization is growing or preparing to grow, there are a few key steps you can take to ensure that your talent and processes are prepared to grow alongside the business. We’ll explore these business growth strategies below.

Ensure your technology is ready to grow with you

One of the most important ways to foster sustainable, scalable growth is to ensure that your tech stack can keep up with increased headcount, demand, and general use. You can conduct an audit of your technology, paying special attention to interoperability and capacity. If you find that certain business applications or technologies break under the weight of increased use or can’t scale up, it may be time to modernize. Hence, legacy application modernization will be a crucial component of your company's growth strategy.

Keep an eye on the competition

Staying abreast of industry trends and your competition will be a critical aspect of your growth strategy. With a thorough knowledge of what’s happening in the market, you’ll be better equipped to differentiate yourself and stay ahead in an increasingly competitive space. It will allow you to explore new technologies, adopt innovative practices, and continue to grow without overwhelming your teams or tech.

Engage your teams in your company growth strategy

While “growing pains” are nearly unavoidable, it’s essential to keep your teams informed and prepared for any upcoming changes. Be proactive and transparent in your communication, and solicit feedback and questions from the teams that will feel the growth the most. Ensuring your teams and leadership are aligned with shared organizational goals will help ease some of the tension that can arise during periods of growth, allowing for a smoother transition to your future state.

Refine your processes

While preparing your teams and technologies may be top of mind, it’s also critical to reassess your internal processes to ensure they can keep up with your growth. For example, if you’re preparing to modernize or roll out a new technology, some legacy processes may need refinement or replacement to keep up. Lean on your teams doing the day-to-day work to understand which processes work, which don’t, and which take up the most time. Understanding and refining the ways you work can be the difference between an efficient, high-performing team and one constantly bogged down with manual, cumbersome processes and issue resolution.

Modernization: A key component of your company growth strategy

As you look to the future and plan for sustainable growth, modernizing your enterprise applications is vital to stay ahead of the competition and continue to innovate. A modern, integrated suite of technology enables teams to work faster and more efficiently, freeing up time for higher-value activities and more significant innovation. You’ll see increased productivity, improved communication and collaboration, and faster growth. By staying up to date with the latest tech and practices, your organization can deliver a better customer experience.

Modernization is not just about adopting the latest technologies, it’s about transforming your organization’s people, processes, and tools to foster growth and innovation. We call this holistic approach strategic enterprise modernization, and it can bring big benefits such as improved operational efficiency, user experience, data management, collaboration, scalability, and agility. This can help your organization save costs, enhance decision-making, and build a positive brand image.

At CAI, we have over 40 years of digital transformation experience, working alongside public and private organizations to modernize their applications and streamline operations. We work with enterprises of all sizes to refine their business growth strategies and help them drive value.