The rapid growth of a business can be an exciting time for the owner who has worked so hard to get it off the ground. Now the sales are up, profits are getting better and the dream is all starting to take shape.
The change can be sudden and a bit disconcerting if you are not properly prepared to handle a rapid business growth. The challenges you are going to face are different from the ones when you first started, but nonetheless are very real and it is just as important you overcome them.
How Has It Happened?
The first thing you need to understand is what has brought about this sudden and rapid growth. You need to analyze the strategies you have in place, and why you are standing out above your competitors.
There could be no end of reasons why this upturn has happened and you need to know why so you can make sure it continues.
Do Not Let Your Customer Service Quality Drop
You must maintain a good customer service, no matter how busy you are. You have to remember that with no customers you have no business, and giving them a poor service will send them to your competitors quicker than anything else.
If until the growth started they have always received an excellent service, you should maintain that, as it is what they will always expect. If you want them to stay as loyal customers, do not let the customer service quality drop.
As an entrepreneur, you need to look closely at how this rapid surge in sales will affect your finances. Look at your assets, your overheads and your inventory to see if they are being impacted, and if so what do you need to do to stop it having an adverse effect on your business?
You may need to raise some extra finance, as it is not unusual for a rapid growth to be the reason a business fails. The growth can be so quick that the company cannot sustain it, but an injection of cash by a bank loan or maybe an investor could solve the problem.
Be prepared to put a business plan and cash flow forecast together as you may need them to be able to show how good your business has become.
They should show that the cash injection will make the difference and mean you will then be able to sustain the growth that is happening.
Be Careful When Hiring
You may now be in a position where you need more staff to cope with the demand. Anyone you employ can affect your business and you need to take care that they will fit in with the rest of your team, and be capable of the work you are hiring them for.
Everyone you take on will need some form of training, even if it is just in the way you do things. Make sure they have this training as soon as they start, and you will soon know if they are up to the task in front of them.
Your employees are your biggest asset, but if your team does not have the right people, or is at loggerheads, the rapid growth you are experiencing could halt, and your business could be back to struggling along.
Could New Technology Help?
Technology is evolving all the time with new innovations being developed every week. Keep your eye on any advancements in the industry you are in, as it can be quite amazing how a new piece of software or a piece of updated equipment can make your business more productive.
The more productive your business is, the easier it will be to cope with this sudden and rapid growth.
This is something you should consider when you are looking to raise extra finance, as some equipment, for example, can be very expensive.
You will have to be flexible and prepared to change the way you operate if you are to come out the other side of this rapid growth as a stronger business.
Being able to adapt to the changes in your business and try varying strategies is one of the best ways to approach the scale of your growth.
It will also mean that any challenges you face will be less of a problem if you keep an open mind and are not against change.