Post Merger Integration
Expansion is often the fruit of hard work and a growth-mindset team. An organisation will usually only require external help if it begins to expand without the right skillset or headcount to support its plans. For that reason, no one size fits all solution exists, and the most appropriate growth strategy is the one that enables the next performance milestone. Managing the expansion of your company’s operations needs to be done carefully to ensure that it happens at the right time, with the right people and technology, and without undoing what propelled your organisation in the first place.
Engaging People & Partnerships
To employees, growth often means more revenue, immediate or long term, more responsibilities and better exposure. Therefore in defining a growth strategy, organisations should recognise their talent as a part of their plans and manage expectations carefully. You must have a team in place who are committed to driving progress and have the skills necessary to do so effectively. Additionally, forming strategic partnerships with other companies or individuals can help accelerate your company’s development by providing access to new markets or expertise. Finally, engaging with customers is essential for understanding their needs and how best to serve them moving forward—this could include surveys or focus groups and formal market research activities like interviews or usability testing.
Proactive Planning & Preparation
The most important aspect of growth management is proactive planning and preparation. This means having an up-to-date understanding of your company’s strategic objectives and developing a plan to achieve them. Easier said than done.
Identifying the right strategy can be very challenging as it involves a good knowledge of the organisation’s strengths, and weaknesses, careful timing, robust market research, buy-in from key stakeholders, and funding to do so. Defining a successful strategy also requires a clear articulation of the “who”, “what”, “why”, and “how.” In essence, explaining in clear terms: a) what the key achievements will be, b) why people in the organisation should be supportive of the direction of travel, c) how resources need are allocated to achieve those targets and d)who should be in the driving seat for every change.
To do this, you should hone in on the key opportunities or goals the firm is looking to achieve and the relevant timeframe to do so. In addition, any sound strategic plan has to include the right Key Performance Indicators (KPIs), a complete and up-to-date risk register and an end-to-end implementation plan.
Technology is vital to any company’s growth management strategy. It can enable faster decision-making processes, increase efficiency and collaboration across departments, provide data insights into customer behaviour, improve customer experience, and much more. As such, it’s crucial to clearly understand the technologies needed to support future growth plans. This includes evaluating existing systems and identifying new ones that may need to be implemented or integrated into current processes.
- Headcount: At T3, we can help you bridge the skills gap or develop your existing skillset. Our flexible structure and market access allow us to source specialised talent for every job. As a result, we answer 80% of talent requests within seven business days.
- Training: At the same time, we can support skillset training in areas of Performance Improvement, Risk and Regulation, Decision Making for Growth, Organisational Design, Change Management, Organisational Behaviour, Talent Optimisation (personalities and performance), Inclusion and Diversity [Click Here to Know More]
- Finding the right technology: We work closely with carefully selected IT partners to help our clients improve their systems and use their data and workforce best. Our partnerships have a strict zero referral fee, so we only account for the best client fit and partner’s performance. We can also help firms by benchmarking ourselves against their competitors or management KPIs and developing a concrete plan to close the gap.
- Post-merger integration includes aligning the various functions to meet new corporate objectives. Often this involves summarising the current state at both organisations, drawing comparisons in crucial areas around technology, governance, processes, LE structure, documentation and culture. Once the current state is understood, the next stage is to define a suitable strategy and adapt it at various levels of the organisation to achieve full integration without disruption to the daily core operation.
- Organization Design: Whether you would like help exploring what organisational designs would work best for your firm or executing a specific strategy, we are here to help.
- Implementation: Our consultants will work closely with your teams (IT, HR, Core Business, Operation, Data Science) to understand the new regulatory requirements you are subject to, the management strategy as well as the essential requirements to achieve it. We will support the new strategy syndication and implementation, including developing policies, processes, communication plans, recruitment campaigns, and senior management artefacts to support the realignment.
- New Legal Entity or Division: This is often about ensuring compliance with Group policies and new jurisdiction as well as focusing on the mandate of the new entity or department. We support senior management in defining the high-level strategy and plans and assist with the rollout of communication plans (regulators, Board Members), new governance, processes, documentation, and internal coordination to secure buy-in from key stakeholders and manage people transfers and hiring.
Growth management is a complex but essential part of any business strategy that requires careful consideration when planning for success in the future. Proactively planning and taking into account all aspects, from people engagement through technology implementation strategies through customer feedback opportunities, will give you the best chance of meeting your goals while mitigating risk along the way too! With these tips on growth management strategies in mind, you’ll be able to navigate your way towards success confidently!
March 4, 2020