Growing your business is the ultimate goal, but when it gets in the way of running your business well, then it becomes a problem. Rapidly growing businesses have their own challenges, some of which can be prevented if you watch out for them.
Issue 1 – Thinking sales and profit are the only important things in your business
Rapid expansion requires that you put money back into your business. Systems may need changes due to rapid growth. You may need additional help to handle the growth. BALANCE is critical when dealing with controlling costs and continued QUALITY should be of utmost importance.
Issue 2 – Neglecting your core clients
As you gain new clients, it is very easy to neglect your current ones. You need to make sure that these people stay happy. After all, they are the ones who put you on the fast track to expansion. Don’t risk losing them because you are not taking the time they deserve.
Issue 3 – You haven’t learned to say “NO” to prospective clients
While it may seem counterproductive to tell a potential client that you can’t take their business at this time, growing your company too fast can hurt it in the long run. (Think Krispy Kreme or Pet.com).
Issue 4 – Increased stress
Rapid business growth can place more demands on you and your team. Increased deliverables, services and additional demands on everyone create stress. While it is an exciting time for all, it can cause people to have lower productivity, and not function at an optimal level. Watch carefully so as not to overwork yourself or your team.
Issue 5 – More complaints occur
If you are experiencing a higher than normal level of complaints, both from clients and your team, you may want to stop and reassess your current business structure. Catch this early enough and you can make adjustments that will allow for your “growing pains.”
Issue 6 – Systems can’t handle the increased workflow
This is where some of your profit will have to be placed. In order to keep up with growing business demands, you must make sure that your systems and business processes are aligned. Going into panic mode when you realize that you need to make changes puts added stress on finances, yourself and your team. It is much better to watch out for this necessary change and make a plan in advance so that you can handle company growth smoothly.
Business expansion is great if you continually are aware of potential issues and plan ahead. Don’t lose control over your business success. You need to be able to manage your growth.