The best way to prepare for business growth is by having a plan for when things go wrong. However, are you prepared in case your positive expectations turn out too conservative? What will happen if an unexpected celebrity endorsement sends demand skyrocketing? and What will the economy’s turnaround mean for your business? A well-rounded business should always have plans set up so they can handle any situation without fail. Below are seven business growth preparation tips that can be helpful in the future.
What does growth mean for you and your business?
To prepare for something, you have to know what it is and how your company will be able recognize that change. As a business owner, your ultimate goal is to grow and expand. It’s not just enough that you meet numbers – growth also includes changes in operations as well as production levels; increasing staff or facility space (and rent). What does this mean for YOU personally? How will life be different when profits increase due to company-wide success?!
Maintain a relationship with your financial sources
When you’re growing quickly, it can be hard to get the funding that’s needed. Growth financing can sometimes harder and take longer to obtain than startup funding. Additional funding for growth may have to come from outside sources and/or investors who are less familiar with your business model than those involved early on in a startup’s life cycle when there isn’t as much risk yet associated with it. If you want to feel confident that your borrowing needs won’t be a problem in the future, it’s important to understand all your cash and financial needs to give yourself have plenty of room to maneuver when it’s time to borrow.
Hire the right people to the right role
The importance of hiring the right team cannot be overstated–they’re what make or break your company’s success. Hiring for growth can help you reach new heights, but it’s important not to forget about maintaining stability in scaling up with experience as well. Whole person assessments and job benchmarking will allow you take a systematic approach when hiring. This will benefits both you and your team!
Take care of your team
Many small businesses have been put to the test over the past 18 months, thanks to Covid-19. Employee recognition is important. Recognize and reward your employees for a job well done! It’s challenging to work in high-growth organizations because it can be stressful, but you’ll keep top talent by responding appropriately when they need support or appreciation of their hard work. Create a climate where people are willing to take on the challenges that come with growth. In addition, be attentive of your suppliers and professional advisers who can help in this process for you too!
Listen to the experts
The smartest business owners are always looking for ways to improve their knowledge base. Identify those with expertise in different areas of your industry. They may be able provide valuable insight into how you can solve some issues before others arise. For example, Studio Green can be a great resource for maintaining your business brand and online reputation.
Keep your customers close
Customers are the lifeblood of any company. If you don’t stay close enough for them to feel like their needs matter then they’ll find someone who does. Keep an ear out when customers have questions or concerns– communicate everything that happens in a way so there’s no wondering what goes on behind closed doors at work!
Don’t get distracted. Stay focus on your core business
With a company’s ability to grow, there are many opportunities for diversification. Before you dive into those that seem like great ideas but could be outside your core competencies or business model–think about consequences on quality and profitability with these new ventures. Do they relate back full circle to what your business does best? Is it worth spending time and effort making sure everything makes sense together as one cohesive unit if someone else had done this first? How will customers feel when they have more than 1 option available?
Just as you plan for when things go wrong, also make sure that your strategies to handle the positive outcomes are in place. When all possible variables have been considered and accounted for, it will better allow individuals or teams members who can manage these changes without affecting productivity which can ultimately lead towards even more success.