So, you have a business that’s really starting to take off! You feel alive, you can smell all your future revenue, and let’s be honest, it smells great. What’s left but to sit back and watch your sales soar? Well…as it turns out, a lot.
While the thought of rapid growth is an invigorating one, the reality can be much different. Being prepared for the new obstacles that growth can bring along is imperative to riding that wave of sales and avoiding a total wipeout.
We’re going to go over three very important strategies to handle your business’s growth and how to keep it sailing smoothly as you see your profits rise.
1. Your customer's satisfaction should always be at the forefront
Obviously, without your customers, you wouldn’t have a business to grow in the first place! Keeping them happy is what will let your growth continue to increase. Plus, if a customer enjoyed the experience of doing business with you the first time, they are likely to return for another time.
As your business expands, think about what kind of customer service you want to provide. Do you want your customers to struggle to contact you with their questions and concerns because you have automatic systems in place? Or do you want to be known for your personal customer service and build trust with your customers? Figuring this out early on allows you to put your systems in place before your plate is too full to give it your attention.
2. Make sure you aren’t overextending your employees
As a business owner, the next most important group, besides your customers, is your employees. You could have the foremost team under your belt, but if you don't make sure that they are getting the time they need to live a balanced life, you won’t see their full potential during the workday. According to this Stanford study, employees that are overworked see a vast decrease in productivity per hour after the 50-hour workweek mark.
So, not only will you have unhappy employees that may not stick around, but you won’t be getting quality work from your team in the first place. Once you see your employees stretched beyond their limits, fixing those problems will reduce your chances of losing employees that you trust and have trained.
3. A Great Leader is Also a Great Delegator
When you started, you had the time to wear many hats. It’s how every great business starts. But, as your company grows, sales skyrocket, and your responsibilities increase tenfold, those hats become much too heavy for one person.
While it may be scary to hand the reins off to another person, it ultimately will make you a better employer. If you’re so overwhelmed by all the roles you’re playing, how will you have time for the most important one? Being your company’s leader! Knowing when and where to put your attention will help your company in the long run and bring you the success you want to achieve.
You can successfully navigate through the challenges that steam from rapid growth!
Though there will be a learning curve, like all things in life, you can find your way through the taxing territory of your business’s rapid growth. You are not the first person to go through this process, so remember that it is better to learn from the mistakes of others than to learn from your own mistakes!
As long as you’re informed, motivated, and ready to tackle whatever comes your way, you can make it happen!