So, you’ve got a winning business formula, and now your venture is performing beyond expectations. Fast growth can be difficult to manage, but this is a welcome challenge for any business. You need to properly manage your growth, so you won’t damage the things that made you successful in the first place.
Here are a couple of ways to manage your rapidly growing business.
Assess your finances. Rapid growth will naturally expose any weaknesses your company has. Carefully find and evaluate them to cut any problem areas before aggravating issues. The most vital piece for this preparation is knowing your financial status.
Consider whether you are efficiently protecting your cash flow and if you have a robust payroll system in place that lets you hire more employees with ease. You also need to know if your profit is growing equally with the sales growth. If you’re having issues focusing on finances, it can help to get a CFO on board for assistance.
A fast-growing organization commonly means higher amounts of money generated by the business.
Do you have a plan for all that extra money? If you own a funded startup, your first obligation is towards the investors. Skyrocketing sales entails you getting smarter about where you put those funds. You can start with paying down debt faster to reduce interest or create a cash reserve for emergencies.
Working with a financial strategist or a bookkeeper will help you maximize your revenue during your businesses’ rapid growth. These experts can also aid in finding ways to streamline your offerings and trim your budget.
Consider your processes. Rapid growth demands clear-cut processes. Your business required an SOP in place for items such as employee onboarding and training, client/contractor onboarding, inventory management, project management, and sales process.
Choose your team wisely. Simply hire the best people available. Be selective yet open with hires to get the right fit from the start. Your decisions towards hires will be crucial to your company’s short and long-term expansion and success.
Prioritize your customers and clients. The customer base is one of the biggest casualties of poorly managed growth. Regardless of your size, you won’t be a viable business for long if buyers leave you. Losing attention to your existing customers will cause them to either be unsatisfied or ultimately leave you. As consumers, you probably experienced this where your favorite little restaurant suddenly becomes famous, and the quality deteriorates, causing you to find another.
Don’t disregard your current clients as your business experiences rapid growth. Keep them top of mind, maintain best practices, and communicate with your customers.
Get the refinancing you need
While growth is always welcome for new businesses and veteran executives alike, it always brings challenges. Acquiring a business account with a strong financial partner will help you manage your finances safer and give you that extra financial for expansion when you’re ready for the future.
Company growth may not always be smooth and straightforward, but as stated earlier – it’s a welcome challenge! With some planning and good execution, you can ensure your business financials are seamless.