Your business is thriving! Sales are skyrocketing. Those brighter days you worked so hard for are finally coming to fruition. The rapid growth stage you’re experiencing is so exciting for your small business. You’re feeling great, but a bit overwhelmed?
Rapid growth is no easy feat. If you’re not ready to take the bull by the horns, its mundane tasks can quickly feel unmanageable. Being a business owner, you understand that the obstacles of growth can be serious and must be handled with care. Here are a few tips to keep your cool during rapid growth:
Understand the cause
You’re outshining your competition. Go ahead and spend some time pinpointing exactly what caused that effect. Clearly, you’re doing something right. It’s easy to lose track of your core values during rapid growth. That’s why we recommend spending time to understand your growth over a period of time.
As any business owner should, don’t forget to analyze metrics to understand the cause of your growth. Take a peek into your inventory, receivables, overheads, assets, and sales. Once you identify where you stand financially, plan out how you will assess the growth impact on these components to determine how you will need to refinance (if necessary), which can help you avoid liquidation in the future.
Also, it’s not a bad idea to grab a fresh Google doc and daily journal. Write about the good, bad and ugly. Make an effort to write about each customer experience. You can always go back to your documents when you need a bit of inspiration or insight into your business history.
Customers should always be a priority
Business owners who do not listen to their customers tend to have their head on the money and lose sign of the reason they’re thriving. You must always make sure to put the customer first. Be sure to lend an ear to meet their needs.
After all, don’t you hate calling a large corporation only to get a robot or voice automation? How many times have you screamed, “speak to an agent?” It’s frustrating to customers, especially if they need a high level of support for your services. When you dampen the customer experience, it turns them off to the idea of spending money with you.
Keep in mind that your customers are what support your bottom line. They are the reason that your business is thriving. Make sure they’re happy. Ask for feedback via social media to see how your customers think you’re doing and don’t forget to take what they say into account. A bad review can spread through the internet like a wildfire.
Teamwork makes the dream work
Hire employees that make sense. The employees you hire will be the face of your company and have a massive impact on the future of the business. Regardless of how well you perform or how great your products are, without the right team, your business will not prosper. A good team should feel right. They should be passionate about your company’s mission and help to innovate ideas to keep your ship sailing smoothly.
Be agile with a rapidly growing business
There’s no other way to flip it. Like attributes to survival, you must be able to adapt to changing trends when your business is rapidly growing. The skill to test different ideas or strategies will be your power move right now. There’s no doubt you’ll be faced with obstacles to make difficult decisions that require agility, but you’re getting this. It’s all about being a successful leader that your team can aspire to.
A time of rapid growth can feel like you’re submerged in an explosive environment. When it comes to game time to make big decisions, be sure you are adequately prepared emotionally and financially. Do the prep work, and you’ll see your company overcome the mountain of rapid growth.