- Started in December 2015;
- Has a business opportunity to go abroad;
- The survey conducted in June 2016, 6 participants.
Client opened its doors in 2015 and is a large co-working space in Singapore. Since the opening in November 2015, they welcomed 100+ members and are still growing at a fast pace. Which is remarkable in such an overcrowded market.
As real entrepreneurs, the co-founders are interested in further expansion. But looking at the short period of existence, they aren’t sure if they were ready for expansion. And that’s why they consulted 2Sherpa for the Ready2Optimise Assessment.
They described the main reason to take part as follows:
be a start-up and expansion assessment as well as to self-assess our organisation’s readiness for growth.
- In general, this is a strong organisation.
- Our advice: be aware that a strength can become a weakness in the future. The question is if you want and are able to maintain this high level when you are expanding.
- Is it possible to maintain the services at this high level and/or does a new target group need this kind of services?
- Our advice: changing this affects your capacity as you need to (re)develop materials, website, etc. Be aware of the extra capacity which is needed to make the expansion successful.
- Our advice: if this co-working space wants to expand, it’s important to share goals, objectives, etc. to the staff at an early stage —> a one-pager business canvas model can help to visualise the vision, mission, strategy and execution.
- Our advice: if an expansion abroad is an option, 2 strategies which a company, in general, can follow:
- Investigate the impact and attractiveness of 1-2 markets overseas. And apply for the MRA Grant.
- Investigate options to open a second co-working space/shared office space in Singapore for further growth, expansion and use this as a learning curve too.
- Cultural differences:
- Our advice: if you are going to expand overseas a trainer/coach/advisor can help you out to train the team understanding the differences between Singapore and the new target country.
- The other option is to find a business partner who is well connected in the target country to help setting up the new business. This will close the information gap.
Impact on the organisation
- The purpose of the assessment is to get a photo of an organisation’s weaknesses, strengths, etc. to improve business processes, find opportunities, etc. before entering a new market.
- The report shows the staff’s perception of these weaknesses, strengths, etc.
- The advantage you will get is that if you share the results with the team, people are better informed and are more willing to support new initiatives as they could have given their opinion before entering the new market.
- In this way, the scan empowers staff bottom up instead of pushing decisions top down.
Feedback on the process
- The way the introduction email + follow up emails has been set up is good
- The weekly status update for management is very helpful.
Do you want to check your readiness? Do you want to test the water before jumping overseas? Do the 2 minutes test and get a PDF with your answers + benchmark report in return!
The 2Sherpa export readiness scan was a useful self-assessment tool to understand my business’s level of preparation to expand overseas. It is detailed and covers many important factors to consider when planning for growth. The survey and follow up consultation also provided a timely opportunity to reflect on the business development needs of my company and what follow up steps we could take to move towards our growth objectives. Throughout the process 2Sherpa was prompt and attentive in rendering their services.