Expecting the Unexpected: Your Game Plan to Managing Business Growth
For many entrepreneurs, the end goal is simple: a booming business – one that would take off so aggressively that it dominates its vertical market. All hands on deck with sales, marketing, business development, and all other corporate microcosms until your business is running like a well-oiled machine. But rapid growth comes with a hefty price and a series of growing pains.
Growth is inevitable and a good problem to have. Think of it this way: when demand spikes, so is the need for operations to scale fast. And if you can’t keep up with that rapid movement, a myriad of tasks falls through the cracks.
Here are a few tips to keep in mind when managing unexpected business growth:
1. Put the right people in the right seat.
More than the products and the services, talent is one of your biggest assets. Don’t get the best. Rather, recruit the right people and put them in the right seat. Reflect on the skills set and the profile of your people. Then, plug them into a role where they will thrive and feel valued – but not without proper mentorship and leadership.
2. Focus on customer experience.
While going through the motions of business growth can be an exciting time for your team, don’t forget about the community who made that possible: your customers. Customer experience must remain a priority, always! Seek their feedback. Engage and get their insights on your products and level of service. Make them feel that they play a vital role in your business’ success.
3. Set realistic goals.
Overpromising and under-delivering is a slippery slope that most businesses fall into when resources and manpower capabilities are put on a back burner. While it’s important for clients to see your competitive edge, you also have to be clear on what you can and can’t do. Focus on the strength of your products and services and let your clients leverage that to their advantage.
4. Stay ahead of your competition.
Learn and understand your market – recent trends, the behavior of your target market, potential customers, direct competitors, and everything in between. Don’t fall into the trap of getting complacent. The economic environment is ever-changing and so should your business. Your willingness to adapt and learn how to do things differently for the sake of business development is paramount to the success of your company.
5. Invest in technology.
Gone are the days when advanced technology is seen as a nice-to-have privilege. In this digital economy, technology and business growth go hand in hand. Investing in technology results in the integration of day-to-day operations and agile mobility. Not only does this improve productivity, but access to new technology also protects your company and your customers from different levels of data security threats.
Managing the growth stage of a company can make or break your business. We’ve seen it far too often in the past – businesses propelling to the top only to fall behind the extreme demands that came with the sudden surge. It’s always critical to weigh the pros and cons of every decision and movement you make.
There’s no formula to success but when you work with the right people, keep your customers in mind, stay loyal to your goals and objectives, understand your market, and utilize the best tools – your business is in good hands.
With the coronavirus around these days, unexpected business growth would be very welcome.