By Tom Russell
This is an exciting time for your business, and one that is critical for your business’ future prospects – how will you respond to success? You have to balance how to go on from here, in terms of keeping the core values and principles that have got you this far, but also altering things a little to ensure you stay up-to-date and manage your growth successfully.
If your business has never reached this level of growth before, then it would be wise to step away for a bit and take stock of how you can move into the future with the same level of success that brought you to this point. That’s why I’ve written this guide on how to manage business growth.
1. Keep an Eye on the Long-Term
It’s easy to get stuck in the moment when things are going well. But, make sure that you are devoting time to improve the potential of your company. Take time out to work with your executives and shareholders to work out an effective long-term strategy. Your business now has the potential for enormous growth, make sure it becomes a reality.
2. Stop Micromanaging
When you first founded your business, you likely had several different roles at once. You’ve already probably devolved some of these roles to specialized managers, but if growth is so strong that you need to hire more, then go ahead and do that. Let these managers handle their specific areas and stop obsessing over every single little thing. You’ve gotten the business this far, but too much micro-management from you risks tension with managers and slowing things down and taking you away from your important role at the top.
3. Don’t Get Overzealous with Spending
This may feel like a time to reward yourself and your team with big bonuses, but don’t add too many zeroes on the end of those checks. You should recognize yours and the team’s success, but only pay what you can afford to pay. Set up strict limits on costs and stick to the same streamlining and fiscal discipline that got you to this point. Only spend money that you know is going to get a return.
4. Make Preparations for Increased Production
This is an obvious one, but it cannot be understated just how important it is for companies to adequately prepare for more and larger orders. Sometimes your sales team will broker a deal with little thought to the actual production potential of your business, which leaves you scrambling for more equipment, staff, and production space. If you make preparations in advance or can secure a rapid-build prefabricated warehouse or workshop, then you will be able to handle any future orders and secure your business’ growth.
5. Remember That Customer Experience Is Still Key
You got to this point based on your excellent customer service – no business is going to make significant progress without a core belief in the importance of the customer’s experience. Customers and clients can make or break your business, so just because you’re beginning to grow faster, doesn’t mean you can afford to take either for granted. Keep investing in staff training programs that put customers at the center, and hire more frontline staff to make sure that a bigger business doesn’t equal customers left behind.
You are a business on the rise and it’s important to give you and your hardworking employees a pat on the back. Success should be rewarded – you don’t have to break the bank. Order in some pizza, go bowling, have a party – let your team know that they are appreciated, and spur them on to do even better in the future.