Four ways to achieve and manage growth in your business
Achieving success in your small business is a full-time job. Your pursuit for business success can be extremely time-consuming, drain most of your financial resources, and potentially ruin personal relationships. But when you finally achieve growth in your business, what are you doing to keep it?
All your hard work could be squandered if you and your business aren't prepared to tackle the challenges that come with rapid expansion. Here are four ways to achieve and manage rapid growth in your business:
1. Have a plan and stick to it
When some businesses grow faster than expected, they seemingly feel the need to change their goals too quickly and never quite finish their current business plan before moving on to the next one. While you must decide what is right for business, don't be so quick to abandon your business' overall vision in the chase of achieving business growth. A perfect example of this is the downfall of Border who experienced a sudden rise of growth in Australia but ultimately failed to adapt to the digital tide of retail.
2. Have the right team
Having a high performing and versatile team in place will help you achieve the growth you've been looking for and set your business up for future success. You aren't qualified to do absolutely everything in your business by yourself. Your business will grow if you let people smarter than you complete the essential tasks you don't know how to do. This will leave you to focus on the business' overall strategy. In 2006 after one of the business' worst performing years, then-CEO of Ford, Alan Mullaly created a team approach called "One Team" to eliminate silos and turf battles within the business and implemented a simplified leadership structure. He maintained when the best teams are put in place, they renew their commitment to the team and to the purpose of the business.
3. Know your numbers:
You need to know what financial position the business is in before any rapid growth or expansion. By doing so, you can create a budget for your business and understand its cash flow to plan for future expenses you might have to pay for, including purchasing equipment and hiring new employees. Consider the effect of overheads on your business' performance and any potential loans you may have to take to achieve your goals.
4. Talk to everyone you can
It's ok to ask for help sometimes! Take the weight off your shoulders by talking to other business owners near you about how they managed their growth stage successfully. Learn from other peoples' experiences and benefit from them. The answers could surprise you!
No matter how successful your business is in managing their capabilities before an exponential growth phase, you will encounter some problems along the way, but hard work and experience will help you and your business get there.
About Pink Bamboo:
Adam Frampton from Pink Bamboo Business Growth specialises in his work with businesses who want to grow. He challenges them; reconnecting them with their cultural and commercial vision; creating a clear and well-defined path to that vision; ultimately giving them the freedom and growth they seek.