When your dreams come true, and your business is not only up and running, but thriving and growing, it is truly a joyous feeling. Although you may want to take some time to bask in the light of your successful accomplishments, rapid business growth is actually a time for you to take a step back, to regroup, and to refocus.
As counterintuitive as it may seem, business success and growth is optimal for analysis, because if you don’t address the success and growth, you run the risk of false complacency and mindless routine, both of which can quickly derail expansion and progress.
Therefore, after that well-deserved pat on the back, sit down and try to understand why your business is so successful. It may be a strange directive, but by acknowledging what you do well, you can also understand what needs improvement. Your business strengths can be honed even more or expanded to different areas of the company.
Rapid Business Growth Means Big Changes
By going through receipts, invoices, payslips, bills, product assessment and/or services provided, you will be able to ascertain if you are good at budgeting, finances, predicting trends or even data entry. All of these facets constitute a business, and if you can identify the positive factors, then you can see the negative ones as well. It is possible to turn the negatives into positives.
Another source of feedback is customers:
- Why are your customers so happy?
- Why are they coming to your business rather than your competitor down the street?
Talking to customers individually or corresponding by email will help you see their perspective and will encourage customer loyalty. Without customers, there won’t be a business, so treat them well and listen to their comments, no matter how insignificant.
It also helps to have a business mentor. Depending upon how your business is funded, you might have private or angel investors who can bring a great deal of sound advice and experience to the proverbial table. See them not only as a cash resource but also as a font of knowledge.
- How do they handle rapid business growth?
- What are their suggestions?
- How can they be of service to you during these exciting times?
Ask Your Closest Allies
Since we are focusing on the people who surround you, also turn your attention to your team. They can offer unique ideas and different perspectives as to the success of the company. By assessing their skills and their compatibility, you will be able to see if your team is a well-oiled machine that works together. This may be a reason for your success or it could use some more grease.
If you conclude that your team can handle the business growth, and continue to do so in the future, then this is definitely fortunate. However, don’t be afraid to add new talent to the team. Take a risk and hire people with more experience or more education, since they can bring entirely new working methods and ideas to the company.
Rapid business growth may spur you to hire new people, as mentioned above
However, before doing so, you might want to see if your team can do the work or to assign different chores to a range of staff. By shifting and sharing responsibilities among employees (and yourself), you create a different dynamic that might benefit you even more. The team could run more efficiently or people might discover hidden talents.
Adding More Employees May Help
If you still feel the need to hire new people, to keep costs low initially, you might contemplate using a temp service. In this way, you can see what roles need to be filled and how the group environment changes. After a certain amount of time, you will better understand your employment options, and you can always transition a temp to full time.
Freelance workers are an additional source of labor. By outsourcing data entry, accounts, or marketing, you can alleviate some of the work burden on staff, while again, keeping costs low, while you analyze your business.
Adapting to new trends and technology is key. As you well know, everything in the virtual digital world is constantly updating, becoming faster and better. Computers, programs, devices, and even wifi service are forever changing and while some of it may be blatant marketing, some products are worth researching.
Don’t Get Left Behind
Why be left in the dust due to a stubborn attachment to an old program or an antiquated banking system? Don’t be afraid to try new things that might actually make your business run smoother and ease your own stress levels.
Even though you must be doing something correct to achieve rapid business growth, studying emerging trends and adapting to them is an important strategy. Adjusting your business model and testing multiple ideas is a means of keeping your company fresh and innovative.
Businesses are often in constant flux, and flexibility regarding that constant flux is a very significant way to manage your rapid business growth.