Few things are as exciting as watching a company start small and grow fast. That being said, growth can lead to disaster if left unchecked, so it’s essential to have a plan in place for effectively dealing with the challenges of scaling rapidly. Alongside enterprise disaster recovery, that growth plan should include the five tips below.
1. Know why you’re growing
It’s too easy to get lost in the excitement of rapid growth and pursue side projects that cost more than they’re worth. However, if you instead work to understand the cause of your company’s growth, you’ll be equipped to manage it more effectively. Perhaps it’s a core product people love. Maybe it’s the way your support team deals with customer questions. Whatever the specifics, make sure you’re crystal clear on why your company is growing.
2. Get the best team around
Scaling up is exciting, but it’s also incredibly stressful. It pushes people to their limits and can cause some to unravel – either by burning out, losing focus, or getting in over their heads. So, as your company grows, ensure you have the best team for the job.
That includes everyone from new hires to senior management. Ensure each employee has a great work ethic, values the company’s goals, and has the right level of competency for their role. Furthermore, ensure everyone moves together, cooperating to achieve shared goals.
Your business growth doesn’t only involve you and your internal team; it involves all your partners as well. As your company scales, relationships between suppliers, distributors, and other partners will need to change as well. Open communication, mutual understanding, and shared goals form the basis of successful partnerships; keep partners informed about your plans for expansion while being open to their input and suggestions – it is in both their best interests as well as yours to support you during rapid expansion phases. If suppliers cannot keep up with demand increases such as polymer consumption increases – look into polymer consulting services to find services capable of meeting demands.
It’s important to remember that good management should always be in place when you’re trying to build your business and harness the growth you’re experiencing. Not everyone is meant to manage, and it’s something that needs to be corrected across every industry. Keith Hovan explains the importance of healthcare management, so make sure you have it in place.
3. Focus on customer experience
Customers are fundamental to business growth, but companies can lose sight of that when scaling rapidly. Considering all the added pressures and responsibilities that come with growth, it’s easy to understand why. However, it’s essential to remain laser-focused on catering to customer demand and providing a consistently positive customer experience.
For example, if your customers regularly give you feedback on how much they love one-to-one customer support, think twice about switching to an automated system. It might cause so much added frustration that it inspires them to try one of your competitors.
4. Track your finances
Although growth brings in new profits, burning through that profit can halt any future development. The simplest way to avoid that is by keeping a close eye on what comes in and goes out.
To increase what comes in, consider offering a variety of payment plans to entice new customers. To reduce what goes out, consider negotiating with core suppliers to lower your expenses. In addition to that, be aware of fixed expenses such as labor and infrastructure costs.
Tracking this financial information helps you know if you’re hitting vital profitability benchmarks. Furthermore, it helps keep your business organized. It also helps set aside a bit extra for unexpected costs, such as broken equipment, delayed payments, or promising opportunities that require fast action. Keep this information in one place and review it regularly.
5. Reach out to mentors
Companies and their founders often love to go it alone. Although this certainly has its benefits in terms of innovation, it’s not always the best choice. If your company is experiencing a rough patch or growth spurt, put your ego aside and reach out to a businesswoman like Marta Hall to as if she can be a mentor.
Chances are that another company or CEO has been in the same position as you. Not only that, but most long-term entrepreneurs are well acquainted with the ups and downs of the business world, and the best of them are more than happy to impart some of their wisdom.
It’s undeniably exciting to see your business scaling rapidly. Keep the five tips above in mind to manage that excitement in a way that leads to effective and sustainable growth.