Once technology firms have reached a level of maturity where revenue is consistent and practice (and delivery) is dialed-in, talks of expansion are almost inevitable. Expansion of tech firms comes in a few different flavors of conquest: geography expansion (into new country segments), moving up-market into complex deals/bids and expanding various practice areas.
We’ll cover expanding practice areas in another post, but expanding market and customer reach is often seen as the logical next step of a successful firm compared to moving up the market.
Whether that’s expanding revenue growth across market segments in the same country or outside, it is a trying hurdle for operations, marketing, and the entrepreneur’s sanity.
Here’s how to handle all three.
Keeping Your Sanity
Change in a firm is difficult, but when all of the partners are aligned on a firm-wide move, that resistance to change can swing the other direction into unbridled momentum. While deciding to grow a firm’s new revenue streams can feel incredible, eventually the honeymoon phase of decision making is over, and the reality of execution begins. To ensure partners can focus on their work and not lose sleep over the expansion, it’s critical to have realistic and achievable goals in mind.