From a business owner’s point of view, making progress and growth over time are positives that are consistently desired. That said, what happens when things grow faster than you expected? This can be overwhelming and leave you stressed out. Trying to cope with the chaos and even lack of help and finances are several culprits that could lead to burnout. Let’s talk about how to better manage rapid business growth and keep things stable.
Expand Your Team to Meet Higher Demands
Business growth and expansion can be the most exciting things about owing a company. However, navigating it can be more complex and headache-provoking than it is fun. Consider what needs are presenting right now and what ones could present in the future. Hiring more staff, outsourcing, and using freelancers are all options to look at. If there is a huge demand that you can’t currently keep up with, adding personnel might help to fix that. That said, if you’re not financially ready for more employees, it could present deeper money and time problems.
Take a good look at what products/services are taking off and why. It could just be a temporary spike due to a major promotion or viral trend. These things usually slow down as quickly as they started and can be handled with overtime or hiring temporary help. If, however, the spike is a bonified business boom that lasts for months, adding more permanent staff would likely be the wiser solution. I also recommend asking your business advisor/coach, accountant, and team what they think about your specific situation. Know all of your options, and make decisions based on facts and solid advice.
Work on Efficiency and Streamlining
Though the middle of a busy season might not be the best time to change your operation, you can work on efficiency. Things like eliminating or minimizing time leaks can make a huge impact on over all business operations. Consider how your production, marketing, sales, and administration could work better. Do you have outdated equipment that could be upgraded easily? Adding new computers, software, and work space are all simple things that could make things easier for everyone.
What about your staff? Are they trained well, and do they willingly take on new challenges? There are ways to encourage and motivate them to work efficiently. Consider adding a bonus program, prizes, or promotions to stimulate staff to do their best. Simply having weekly staff meetings through a busy time will help to keep everyone informed and motivated.
Get Control of Your Team
If your workplace has become a little chaotic and out of control, analyze the root causes, so you understand what’s happening. Remember, it’s your business, and your staff will likely never care about it as much as you do. During rapid business growth, a company can rise to the challenge or it can fall hard. This might be a good time to discover what intentions they have as far as your business is concerned. Also, work on helping them achieve their goals, as this aids in employee retention and motivation.
Know Your Financial Situation Well
The beginning stages of any company can be painstaking, especially with finances. Getting overwhelmed by a sudden rush can take your finances down pretty darn fast. You might not think that a small business needs money software or an accountant, but you could be terribly mistaken. The truth is, having a firm foundation in the finance department is important for stability. But for rapid business growth, having a good accountant might just save your bacon. If you aren’t ready to hire an accountant, another solution is using an outsource company like SDWorx to take control of payroll matters.
Prioritize Quality Over Quantity
Finally, make sure that you always prioritize quality over quantity when it comes to the work your business produces. Focusing on churning out work as fast as you can won’t help your long-term growth prospects. If you’re really busy and quality is starting to go down, turning down work is actually not a bad idea. Customers can even feel more motivated to buy from you if they know how in demand your products and services are. Having a waiting list or backorder is a good sign that a company cares about quality and is worth waiting for.
Business growth is a positive thing, but it can be tough when everything happens too fast. Don’t take that growth for granted, and do your best to remain stable through the growing pains. In the long run, your viability and reputation as a company must be a priority if you want to last.