Rapid growth presents exciting opportunities for businesses. It’s a time of increased revenues and brand recognition, as well as promotions and team expansions. That said, no growth comes easily. You have to anticipate the challenges that come with it, or else you might find yourself stuck and barely making it. It happens all too often that entrepreneurs take the plunge without enough preparation, only to come out of it smaller than when they started.
If you’re thinking of upgrading your business or are already in the middle of it, there are things you can do to cope better. Carefully charting your path and equipping your team will guarantee that all the hard work you put in these past couple of years won’t go to waste.
Find the Root Cause of Growth
A business doesn’t just grow without reason. You have to pinpoint what it is you are doing right that has triggered your growth. It could be your superior products, your customer service, or the minor conveniences that you have invested in, like applications, mode of payments, and free deliveries. Whatever it is, you’ll want to make sure that you retain it and improve it.
This one may seem obvious, but rapid growth can easily make you lose sight of these things. You could gradually shift your focus elsewhere without highlighting the things that have already made an impact. Slowly but surely, your growth stagnates, and all your effort comes crumbling down.
Keep your competitive edge strong, and build upon it as you go.
Shape Up Your Team
There are many ways you can shape up your team. The first is to invest in your key players and the group as a whole. Those that have been with you from the very beginning might find change difficult, especially since they’re accustomed to different processes and cultures. You can enroll them in change management courses to assist in their adjustment towards new leadership, strategies, and technologies.
Another way to shape up is to hire the right specialists. Assess the efficiency of your current team and consider reshuffling delegations. It could be that your marketing staff also handles other jobs like customer care or sales management. The bigger your company is, the heavier the burden, and the more unlikely it is that they’ll be able to multitask well. Set up the right departments, hire the right people, and establish the right culture. This is one big move you won’t regret doing.
Take Better Care of Your Customers
Now is the best time to improve your customer experience. As a rule of thumb, the bigger you get, the more personalized your services should be. This applies to every touchpoint you present to them, from marketing and inquiry to purchase and feedback. They want to feel like they are heard, whether they praise you or send negative reviews.
A simple but efficient solution is to create a roadmap for every kind of situation you encounter. This will help your team respond systematically and ensure that they exude your brand’s personality, no matter how basic or tricky it gets. Continually identify areas of improvement and make the entire experience as seamless as possible for your customers. You’ll be surprised at how this pays in dividends in the future.
Leave Margins for Error
You won’t always get it right. This is the part that most entrepreneurs get wrong about growing their business. You may start one way, only to discover later that it does not lead to the results you want. It won’t be unheard-of to change courses midway or to slow down the entire process altogether. Perhaps you paced everything incorrectly, or you overestimated your sales.
Remember that setbacks are fine. As soon as you are confronted with one, have the courage to pause, evaluate, and adopt new methods. Create a backup plan for your backup plan if you have to. Just avoid beating yourself up and quitting if Plan A and B fail to deliver.
Preparation is Key
At the end of the day, it all boils down to how well you prepare yourself and your business. It is tempting to dive into every opportunity because you are in a good position to do so, but never jump if you’re not sure where you’ll land. As soon as you feel the momentum of rapid growth, get your finances in order and your team ready. The better you prepare for it, the better your chances of success.
