Congratulations, entrepreneur! You’ve managed to get up and running, you’re making solid choices that result in growth, and business is booming. Sales are going through the roof, and profits are at an all-time high. Green pastures are in sight, and your wildest dreams are just around the corner. Rapid growth is a very exciting time for any business.
Are you ready to handle what comes with it?
Handling rapid growth and expansion is not an easy task. If you are unprepared for significant changes, you’ll find that things can spiral out of control and turn those dreams into virtual nightmares.
Challenges of rapid growth are quite real, and they must be handled with care. As you upgrade your small organization to mid-range and beyond, here are some practical tips to keep in mind to ensure forward movement and consistent growth.
Understand why you are growing. Rapid growth is a sign that you are doing something right. Know what is setting you apart from your competition and keep this aspect of your business the focus as you expand. Don’t lose sight of your core values as you add more inventory, more employees, and more profits to your model. Analyze your profits and expenditures; once you have a clear picture of your financial health, plan to use excess money to determine how you can best put it to use. Maintain tight control of those finances by crunching numbers regularly to see where you stand and adjust spending accordingly to stay in the clear.
Keep the customer at the heart of everything you do. Regardless of what state of growth and change you are in, make sure that your valued customers remain at the heart of everything you do. Many customers find the thought of dealing with robocalls and automated response menus distasteful. Maintain a commitment to ongoing, personalized support, distinguishing yourself from your competition by putting a personalized touch on your communications throughout the sales process. Your unique touch will keep them coming back for more, as the focus of your business remains on personal, mutually beneficial relationships.
Choose your expansion team wisely. Employees that you hire have a significant impact on the future of your business. You can have the best products in the world, but without the right team to deliver the goods, your company will eventually fall flat. Hire people whose strengths enhance your weaknesses, and don’t be afraid to hire up. Surrounding yourself with intelligent innovators will enhance your business practices and bring new ideas to the table to make business operations easier and more efficient.
Regularly assess your staffing needs. Rapid business growth necessitates hiring more workers to your payroll. This is an excellent time to step back and evaluate current staffing, determining whether responsibilities can be streamlined to meet increasing needs. If you are unsure about your needs, hiring temporary workers can be a quick solution. This will give you a good idea of how more employees will fit into your organization. Another option for meeting increased demand is to hire out. Talented freelancers are just waiting for data entry, writing, and bookkeeping work. This helps to cut costs and free up time for onsite tasks.
Be open to change. Adapting to changing ideas and trends is a commonly held trait among successful entrepreneurs. Adjusting your business and testing new strategies is one of the best ways to approach rapid growth and expansion. Your ability to lead will depend on how well you can inspire people and create buy-in. You are likely to be faced with hard decisions that require decisive action. Work on decision-making confidence as you lead your team through the changes.
Surround yourself with business mentors. You don’t have to face the business world alone. Put your ego aside and seek help and advice from more experienced entrepreneurs than yourself. Not only will it reduce stress, you’re likely to glean new ideas and actions from those who have been there, done that.
Speaking of mentors….
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