A growing business is a sign of success. While growth is an obvious goal for any business, what business owners often don’t anticipate are the pitfalls that come along with growth.
When your business grows, it needs to change to accommodate that growth.
These changes can be things like a suddenly larger workforce, an expanding client base and more intense workload, or a more complex supply chain. If you’re unprepared for the changes that come with growth, your success can turn into your downfall.
There are a number of ways to prepare yourself for growth that will allow you to appropriately manage any issues that arise.
Get a complete picture
The most effective way to manage any change in your business is to always have a complete picture of your company. While this is often easier when your business is small, many business owners are overwhelmed by the idea of knowing complete details of everything going on in a larger company.
This is why business intelligence software is your best friend when it comes to managing a growing business. Business intelligence software provides powerful analytics and meaning data about the way your company works and can help guide you to make the right decisions for continued growth.
Make a plan
Having a growth plan already in place will help guide you through the process. Too many businesses take growth as organic and don’t try to plan for it or control it.
A plan will allow you to make the necessary changes to accommodate your growth.
This plan should also include your goals and objectives so that you are growing towards something instead of just going along for the ride.
Just as you should plan for the success of growth, you should also plan for potential problems that could arise. For example, a common problem that you could face is an increase in sales without planning for an increase is stock or personnel. This will leave you without the ability to fill orders and an overworked workforce.
Include potential problems in your growth plan along with solutions to head off those problems early.
Utilize your employees
Any growth you achieve would’ve been impossible without your employees. Your people are a tool to be utilized and invested in.
As you grow, continue to check in with your employees to get essential feedback.
Most of the time, they will be the first ones to be aware of a potential problem, and the sooner you address the problem the better. They can also have ideas for further growth as they see first hand what works well and what doesn’t.
Culture is a guiding and unifying force during periods of change.
As your company grows, you will be adding new employees quite quickly and a strong culture will enable them to easily fit into the organisation.
Culture is unique to every company and it’s impossible to replicate. If you’re succeeding, your culture has in one way or another contributed to it.
Keep an eye on quality
Surprisingly, during busy periods of growth, customers have a tendency to be ignored.
Various changes to the way the business operates, and employees that suddenly have a lot more to manage, leave customer satisfaction waning.
During periods of growth, it’s more important than ever to check in with your customers and to invest more time in ensuring you’re providing a quality experience for them.
Growth is a great thing, but if you aren’t prepared to manage it, it can end up doing more harm than good in the end. Taking proper precautions and planning for growth will allow you to make the most of this exciting time.