You’ve been in the business for quite a while now, things have been going smoothly and have been slowly improving, and then all of a sudden, your company sees such a huge growth that you don’t know how to handle it. Rapid company growth is certainly a good thing, but only if you know what to do in such a situation. Luckily, there are ways to prepare and to make sure you get the most out of your company’s potentially surprising exponential growth.
The house is as strong as its foundation
If you want to be prepared for rapid company growth, you’ll need to make sure that your business is working like a well-oiled machine. You’ll be in a bad situation if you have to worry about your standard operations, while at the same time taking care of all the new problems.
If you’re sensing an impending growth, don’t try to diversify outside of your core business, unless you’re absolutely sure that you can handle it. Focus on your core business and don’t be blinded by a potentially lucrative opportunity, as working on two fronts at the same time can leave you broke in the long run.
Efficiently optimizing your business means that you’re delivering your products and/or services smoothly, that your company is highly presentable, and that you have a good online presence. As we said, being prepared for rapid company growth means having a strong foundation.
Good online presence, that can be easily expanded, is an important part of a solid foundation. Consider working with specialized companies such as Movers Development, who can easily modify all of your online materials when the time comes, allowing you to focus on other new obstacles.
Always be prepared financially
Raising capital for your startup can be tricky, but securing enough money for a rapid company growth can be even harder to pull off. That is why you need to be prepared; otherwise, it will be hard to meet the demands of your many new customers.
Obviously, the more rapid growth your company experiences, the more money will you need.
Being prepared financially means working on maintaining relationships with your investors. If your company is doing well you might think that you’ll no longer need your funding sources, making you, one way or another, burn the bridges connecting you with some or all of them. Have in mind that once your company starts growing, you will need your funding sources once again.
Luckily, investors are not the only way to secure funding. There are also loans and crowdfunding. Preparing for a successful crowdfunding campaign should not be taken lightly, as there are many companies trying to “crowdfund” enough money for their own businesses and projects.
Whatever way of achieving sufficient funding you choose, always have a backup plan as well. If your original investments fall through, this means that you won’t be able to deliver your product to all interested buyers, and that can’t be good for business.
If you want to have a 100-million company, have a 100-million team
Even if your current team is coping just fine with the current demands of your company, that doesn’t mean that they’ll be able to do an equally good job once the company starts rapidly growing.
So, try not to hire the people who are good enough to work in the business of your current size; rather, hire the people who will be able to perform in a much larger company as well.
If your company experiences rapid growth, it is essential to have the right people working for you as soon as that happens.
Experience, ambition and, of course, their skill level and competence are the most important things to have in mind when choosing the right employees.
If you want to run a highly-successful company, you’ll need to have people who are extremely committed to seeing your company succeed. Ambitious and passionate workers are the key elements of any successful large-scale business.
Another important thing in this regard is to have the right people in the right positions. Organizing employee assessments will help you to make sure that all tasks are given to just the right people, who will be able to properly handle them.
Avoid chaos and failure by standardizing your systems
Not having standardized systems in place is something that smaller companies can sometimes get away with it. The smaller the company, the easier it is to successfully and efficiently improvise.
However, if you’ve managed to get by that way, know that this approach won’t be possible once your company grows. So, prepare your business by introducing standardized processes, systems, and tools.
Doing so will not only prepare you for rapid business growth, but it will most likely help you now as well. It will bring you one step closer toward making sure that you’re offering high-quality products and/or services, and one step closer toward reducing the potential for human errors.
In a larger company (especially if it currently experiencing rapid growth), the lack of standardized processes invites chaos and is a recipe for disaster.
Customers always come first
Finally, don’t forget that customer satisfaction always comes first. When trying to prepare and cope with the rising demands, sometimes it is easy to lose track of that while focusing on simply keeping your company functional in the new business environment.
Remember that customer satisfaction is what has brought your company’s growth in the first place (probably helped by some good marketing as well, to be more realistic).
Expanding your small business is tricky if you don’t have enough experience. However, no matter how much time and effort the preparations take, if they cause you to stop meeting your customers’ demands, then you are doing something wrong.
Apart from the quality, you need to keep providing, make sure that your customer support systems are still working quickly (like your customers have grown accustomed to), and that you keep listening to their feedback. You may outsource to contact centres in the Philippines or any BPO company you wish to work with. This will make the task lighter and will allow you to focus on other important goals, social media is a great tool to gauge your customers’ satisfaction levels and to see what they think about the changes your company is going through.