A growing business presents a different set of challenges than starting a new one. Its success relies heavily on the company’s core product or service, marketing efforts, and resources — all of which are often still limited. Once the growth starts, the focus of your core team is suddenly divided into handling double the normal workload.
Here are some of our tips for you on how you can effectively manage your growing business:
Adopt the leader mindset
“No man will make a great leader who wants to do it all himself or get all the credit for doing it” – Andrew Carnegie, founder, Carnegie Mellon University.
Being a good leader does not mean being good at everything, it simply means you can inspire or guide others in being the best at what they do. This is especially true for a growing business. An owner handling everything in his business may think he is doing a good job as a hands-on owner, but the best type of leader invests his time and efforts on the more important tasks where he is best at, and trusts other people to do the tasks they have more expertise on.
Micro-managers do not make great leaders. It takes a team to succeed. It’s your job as the owner and/or the leader to find the right people who can bring your collective efforts to success.
As mentioned, there’s no need for an owner to handle everything in the business, but every operation of a business must be handled by somebody. Delegation is the key to dividing tasks and freeing up more time to achieve a more efficient level of productivity. Either hire more people or seek the services of a third party provider. Need to free up time? Maybe hiring a virtual assistant is what you need!
Keep a loyal customer base by taking care of them
Maintain your customer relationships by attending to their needs and listening to them. Remember that your first clients also contributed to your business’ success. Acknowledge how they gave you the opportunity to break out by taking in their feedback to help further improve your products. Most startups fail due to a lack of demand — a.k.a. customers. Value each customer. Make sure you don’t miss their queries or take the time to check on their satisfaction rates through survey taking.
Make smart investments
Cash flow still poses a problem despite having a growing customer base. Business owners should look at where they could cut costs to be more efficient while maintaining their operation’s effectiveness. Ruthlessly cut costs but do not do so just for the sake of saving. Put priority on quality. The best services and/or products are rarely cheap, but there are options to save your company budget.
Update processes and operations
A lot of things will change once your business grows. You might just need to change a few things gradually or, as in some cases, make a complete overhaul. Evaluate your business processes and see if the way you do things still fit your new situation. A standard operating procedure will give proper direction to everyone in your business.
It is easy to get swept away with the success a growing business brings, especially after the years of hard work that it took to finally achieve stability and profitability. However, the growth stage is not the end of the struggle; rather, it is the moment when owners really have to bring their efforts to another level. It’s an exciting time for businesses.