How to handle business growth
Prosperous development and growth are targets for every business owner, but the expansion of a company can feel like things are running away with you. It’s important that you know how to handle business growth effectively.
So, the sales are coming in, production is going smoothly, and the top line is looking healthy. Great. But if a huge order comes in from a prestigious new client, and you’re keen to impress them, what will you do? The question of how to handle business growth should be addressed in advance so as not to impede your success.
Many businesses build their reputation on a certain type of service that relies on personal attention – possibly even the unique skills of a few people – and in such cases, the practicalities of growth represent a real challenge. By investing in training, you can pass the expertise at the core of your service on to other members of your team… and chances are, if your business is growing, you need a larger team, even if only temporarily. Investment is one of the essentials when you’re considering how to handle business growth, no matter what sector you work in.
Take extra care that you never lose sight of your customer’s experience. While you’re busy spinning all the new plates and trying to expand your business, is your service still up to scratch? In the rush to increase profits during apparently prosperous times, many businesses neglect their service, and damage the very reputations which helped them to attract more customers in the first place. The changes your company is undergoing shouldn’t impact on your customers – this is an important part of how to handle business growth, but it’s all too often overlooked.
Planning plays an essential role in the development of any business. Small companies are more nimble, and planning meetings can take place while the “core” work is underway, but as a company grows, organisational matters need your focused attention. What are the profit forecasts? What measures need to be taken to allow the current growth spurt to continue? What are the risks associated with these changes? The question of how to handle business growth can often be answered with a little preparation and forward planning.
Growing a business is an exciting part of entrepreneurial life, but must be taken seriously and managed carefully. If you’re unsure of how to handle business growth in your own operation, call Agenda today to arrange a consultation.