Tag Archive | Entrepreneurship

Coping with Rapid Business Growth

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.

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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.

Has the key to scaling sales in your business been new staff you have employed? Have you improved the quality of your product? Have you had a special offer that has worked?

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.

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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.

  • Raising Finances

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.

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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.

  • Be Flexible

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.

 

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The Secrets Of Entrepreneurship

Being an entrepreneur in such a demanding business world has its highs and lows. There’s so many things to worry about, and so many successes to celebrate. Sometimes it’s easy to focus all on the negatives.

But taking baby steps forward is so important. The whole process is so exciting however, coming up with a business name, setting up your first office, making your first sale, it’s all just so rewarding.b2b

But to get to the stage of being a successful entrepreneur, you first need to master a few skills. Have a read to find out more.

#1. Perseverance

Perseverance in the beginning is key to becoming successful. There’s going to be that many setbacks in the beginning that it’ll be hard to push through and not throw it all away.

But literally every business is going to encounter the same issues as you. Don’t panic just because it feels like it’s taking a little too long to get the ball rolling. Stick with it, drive your sales, and reap the rewards.

If you can’t persevere, the business world might not be for you. If what you have a passion for your trade, this skill should come naturally to you however.

#2. Establishing a strong relationship with customers

Having a way with customers is something you’re going to need throughout your time as an entrepreneur. Ever heard of the saying, the customer is always right? That’s because they are.

To become, and stay successful you’ve got to learn to bite your tongue and give them whatever they need. If they say your product is faulty, your replace it no matter what.

If they’re communicating with you in a way that seems a little out of order, you respond in a polite and helpful manner.

Diffusing the situation is literally your only option. The scary thing about business is one bad review can tarnish your whole image.

Word of mouth is so important, and positive reviews will work wonders for you sales. Always put the customer first and the rest will fall into place.

#3. Create systems for efficiency

If you don’t streamline your business and make things easier for yourself, you’re never going to win in this game. Look for cost effective methods to ease the running of everything.

Office 365 small business is the perfect way of keeping track of things. You can use excel for keeping track of finances, and powerpoint for presentations to give to potential business investors.

Use online services such as the cloud to safely store all of your data. The cheaper things in life can really aid your business.

#4. Enjoy Business Success

One final secret is just to enjoy the world of business. So many people get wrapped up in the stresses of it all, they forget to enjoy the beauty and freedom of being their own boss.

The joy of success can be so uplifting, so work through the hard times, and even enjoy them. It’s all part of growing as a business and a person.

Enjoy gaining new skills, enjoy meeting new people, and enjoy interacting with the customers who are going to bring your business success.

 

3 Things You Should Improve On To Run A Good Business

Even if you’ve mastered something, you can always do with improving! That goes for business and all the aspects involved with running a business as well!

 

There are a lot of aspects to running a business and all of them could do with improving, even if you think you’re at the top of your game in business. From treating people with respect to making sure you’re keeping up to date with software, if you improve your business skills in various areas, you’re sure to succeed!

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Technology:

If you aren’t going to get to grips with the ever advancing world of tech, make sure you hire someone who will. Otherwise, you’ll be left behind.

Technology can do some much for our businesses that it can be a serious waste of time, effort, resources and money to avoid it. Some software applications can seriously simplify tasks right down to a point where you’d be insane to miss out on it!

Technology is always advancing and if you don’t get a hold of it or work to understand its various applications in the workplace, you’ll be missing out. This is especially true if you’re a budding entrepreneur where your time, is money.

Even if you do understand technology, we can always improve our working knowledge of it to find new ways to make the everyday a bit more extraordinary.

Discipline:

Discipline in the workplace doesn’t revolve around punishments and the like for your staff. Discipline comes down to focus and that goes for you more than anybody else in the office.

A business that is run by a focused mind is going to succeed more than a business ran by someone who keeps procrastinating. Keep your eye on the prize at all time.

Of course, it does also mean keeping your staff in line, but don’t go overboard. Fun should still be allowed in the workplace, it just shouldn’t come at the expense of productivity.

Reward your staff when they do well, but offer them a helping hand when they are down. If someone is upset, roaring at them isn’t going to transform them into a beacon of productivity for your team. This also goes for yourself, if you’re self-employed. Be forgiving and reward yourself.

Communication:

A lot of business is done through talking, so make sure you always know what to say. This also means treating your clients and employees with respect as well as keeping an open and honest workplace where everyone knows their duties and responsibilities.

The efficiency and productivity of your workplace stems from, how well of a communicator you are, how efficient you are with words, and how good you are at advice and explaining issues.

There are plenty of tools on offer to ensure you’re doing a good job of communicating in the workplace. Applications like Skype can help you keep in touch with your employees wherever you are and a remote mailing address can ensure that you can pick up and forward your mail no matter where you are based.