They say that speed kills, and this can certainly be true when it comes to business growth. If you can’t keep up with your current rate of expansion, then you need to act before your business suffers real damage.
Let’s take a look at some growth management strategies to help you regain control of your business.
How Do I Know If My Business Is Growing Too Fast?
If you’re growing too fast, you’ll feel it. Some telltale signs you’re struggling to keep up with your rate of business growth include:
- Cash flow problems
- Difficulty keeping track of invoices
- A decline in customer service quality
- Frequent bad hires
- A never-ending to-do list
- Your technology is letting you down
If you’re experiencing one or more of these issues, then keep on reading to discover how to keep pace with your rate of growth and take back control
Track Your Finances
As your business grows bigger, your finances become more complex. You will need to implement new systems to keep track of your expenses and revenues. It’s also important to regularly review these systems with an accountant, as it can be easy to miss something if you don't have a good understanding of them all.
Accounting software is available to help you keep track of your finances and will make it easier to access the information both in real time and retrospectively.
Update Your IT Infrastructure
Growth in your business will put a strain on all aspects of IT infrastructure. The last thing you want is for older systems to fail when demand increases, so it’s important to plan ahead and make sure that your current system can handle the growth rate.
If you are currently using older systems, then it’s worth looking into cloud computing. This will help to free up valuable resources so that your business can continue running smoothly. Cloud solutions are also scalable and flexible, so you can adjust your subscription in accordance with the evolving needs of your business.
Streamline Your Operations
To keep up with growth, you need to streamline your operations so that everything is working efficiently. This will mean that you can respond to any changes in demand quickly and maintain a level of quality during periods of increased business.
Making sure that you have the right processes in place and can follow them consistently during periods of growth. This is especially important when your business scales up quickly, as it’s all too easy for things to slip through the cracks without sufficient oversight.
As your business grows, resources are often stretched thin. This makes it difficult to meet the demands of growth without sacrificing quality or missing deadlines.
If you lack personnel, then outsourcing certain non-core tasks can free up your current employees’ time to focus on what really matters. This also increases staff engagement and morale by reducing some of the pressure on your team. The last thing you need during a period of growth is your employees walking out on you.
Don’t Neglect Sales and Marketing
You might think that focusing on sales and marketing is unnecessary during a period of rapid growth, but this couldn’t be further from the truth.
If you don't have a solid sales team in place, then it's only a matter of time before your business starts to lose money because customers aren’t buying. Then, all of that money you have invested in growth will be wasted.
Create a Strategic Hiring Plan
Don't fall into the trap of panicked hiring. Instead, be strategic about hiring new employees as your business grows. Create a list of all the positions needed and then prioritise them accordingly.
Remember to factor in training, as well as the time it will take your new hires to become productive members of your team. If you can’t afford this level of investment, then consider outsourcing non-core tasks.
As your business grows, it becomes more difficult to keep track of the different aspects that need managing. It’s important to take a step back every so often and examine how you can streamline processes for smoother growth and avoid any potential pitfalls along the way.
If your business is growing too fast, then you can take control again and start moving at a steadier and more sustainable rate by putting the right processes in place.