Perhaps you went viral and made it into the news headlines. Maybe your business has the most fantastic sales team who have exceeded all expectations.
Whatever reason you’re now seeing fast business growth, you probably have one burning question: what do I do next?
Rapid growth may be a problem most companies would love, but growth does come with risks. Fortunately, you can navigate this stormy but exciting period by thinking ahead and being proactive.
To help you get started, here are our five top tips for managing a growing company.
1. Create a Plan
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A plan is your first line of defense against the disruptive up-and-down growth that many fast-growing companies experience. It will help you achieve more stable and manageable growth.
Take resource management, for example. Forward-planning gives your HR team time to recruit and train new team members to help you meet that spike in demand.
Creating a plan also means you’ll have to prioritize work (and customers). That means having a conversation with the relevant teams, including sales and operations, and might need negotiation and compromise.
2. Protect Your Cash
Cash flow is a big challenge for a fast-growing company. With a sudden influx of orders, you may quickly find yourself waiting months to invoice a new customer but having higher bills to pay right now.
The best way to protect your business is to keep a healthy cash reserve for when you experience these high-growth periods. You can also speak to suppliers about extended payment terms for short-term cash-flow risks.
And think about factoring in other expenses as you grow, such as insurance fees. Always compare costs vs benefits before making any final decision.
3. Cherish Your Loyal Customers
It’s easy to feel starstruck when you sign a big, high-profile customer during record growth for your business. But remember that you have small, loyal customers who helped you reach this point.
Reward their loyalty by extending things like extra customer support or discounts to show your appreciation.
That will keep clients happy during times when you are busy. And it will also help you secure recommendations and testimonials for the future.
4. Hire Experts
Rapid growth is the perfect time to start hiring and start by hiring experts. Specialists with plenty of experience will hit the ground running, reducing training and development needs and help provide lots of value.
When hiring, think about recruiting people with experience in larger organizations. They’ll often come with helpful insight into what processes you need to put in place to manage your company as you begin to grow.
You should also consider hiring some external consultants to help with your general company direction and internal systems.
5. Invest in Tools
Software and tools you bought as a small business probably aren’t fit for purpose for the company you’ll be in twelve months.
Rather than wait until those tools are ineffective, start searching for tools to help you become a more professional and efficient organization. The top of your priority list should be a website, financial, and HR software tools.
Help Your Growing Company Thrive
By putting extensive business systems in place now, you’re giving your growing company the support it will need during this current expansion period.
Are you ready to get started? Why not head over to our business section for more in-depth tips on implementing these strategies.