Rapid growth is a transformative period for just about any business. It’s not only a sign of a successful idea and the potential of further gains down the line, however. It’s also a challenge. It brings with it a whole new level of demands. Both in scope and in terms of diversity. Your business will face challenges like never before. But if you can make that tough climb, you can be in a position of real opportunity. So here’s how to make that climb and deal with the risks on the way.
Preparing your resources
There are a lot of resources that go into running a business. Man hours, money and physical supplies. When you grow, you’re going to need to be able to manage a lot more of all of them. You have to prepare for a larger volume and breadth of them. For example, you’ll need to keep a close eye on your cash flow and revise how you manage it. More costs will be coming in from new places so you have to develop a system to keep track of it all. Or rely on an accountant who can help you do so.
Become a better manager of people
If you’re at the point where you’re about to face huge growth, there’s a good chance you have a team of people who helped you get there. Don’t forget the staff who worked with you this far. They’re about to undergo a transformative experience as well. Help them understand the change and adapt to it. People are naturally nervous when change happens in the workplace, so it’s up to you to help them stay happy and confident in their jobs. You also need to make sure that your business is prepared in its HR department. Dealing with payroll and disputes in a time of that kind of change can be difficult, but it is necessary. The right software can help it become more manageable.
Add to your team
One of the reasons that human resources can become a trickier area of the business is because it’s likely there’s going to be more to deal with. As demands rise and more skills are needed, you will most likely have need of new people. Not only are you going to need people with new skills. As a business grows, you may find yourself unable to deal with all the responsibilities you once could. After all, new ones will be getting added on. So look to the people in your team and find those with real leadership potential. Develop them and help them become part of the core group that assists you in running the company.
Hone your processes
When a business grows, so does demand. We’ll be covering that in more detail later but you can assure that it means the way that you do business has to change. You need to start being more efficient. Each individual needs to be able to deal with a bigger workload. You can’t expect to push people to work to the bone, however. That will easily cause dissatisfaction, even if it is successful. Instead, you need to look to the processes of how you do business. Use lean principles to make the office more efficient. Help people develop skills to be able to handle more tasks than before. Systemize the various jobs of the office and invest in software that can help them do that.
Set up a real IT department
We mention software and now we’re going to put an emphasis on how important software can be to your business. Not just finding the right kind of software to help. But creating the specific software that can help your business run a lot more smoothly. Those who aren’t using bespoke software solutions aren’t being as efficient with their resources as they can be. You can use a software-as-service company or you can go beyond. You can keep all the tools for future growth and development of your IT inside your company. You do this by building your own IT department. You can hire or even train the members of your team to be the IT department you need. You need to do your research on the most cost effective courses. One of the great facts about Simplilearn, for example, is how high the pass rate is.
Grow real leadership
It’s not just the business that needs to change, either. So do you. You need to be prepared for a lot more responsibility and the fact that you will be spending a lot more time with your company. It requires leadership and it requires a bit of personal sacrifice to get you over the huge wall that rapid growth can be. One of the biggest reasons that businesses fail during periods of rapid growth is down to the leader. Usually, an inability of the company owner to make the decisions that need to be made. You have to be a leader and you have to be decisive.
Meet the rise of demand
You have to be decisive, because you’re about to deal with a lot more demand. Rapid growth doesn’t only mean dealing with more customers. If that was all, then it would be a matter of building a bigger business structure and dealing with more resources than usual. It also means dealing with more demand from each individual customer. The more successful a company is, the more expectant the customers are of great service. Which you need to provide. Make sure that you’re training your staff in the best customer service. Constantly review the ways to make it easier for your consumers to do business with you. The consumer driven approach is the only way to make sure you keep those customers, after all.
Never underestimate the challenges that can come with growth. The points above should help you navigate a lot of the risks that most business owners face. But remember the pressure that it will put on you personally. If you’re not prepared to deal with that, it can do real damage to your job satisfaction or personal happiness.