Accommodating Sudden Growth as a Small Business

in Business on 23rd November 2019

If you find your small business experiencing sudden growth, this is a good sign. It means that you are doing something right and customers are happy with the products or services you have to offer. In addition to the thrill, there is also an element of worry.

Sudden growth can bring on a host of problems, including not being able to meet customer demand. Fortunately, there are ways to seamlessly transition into a larger business model. Explosive growth of your business doesn’t have to equate to an implosive situation within it. You can welcome the boom with these progressive yet proven approaches.

1. Embrace New Technologies

The world of technology is always changing, and if there are things that can free up your time, such as social media automation, online faxing, or project management software, then consider using them. This will allow you to focus your energy on other important tasks, including keeping customers happy.

2. Determine the Cause of Growth

Once you have freed up some of your time by embracing new technologies, take a moment to determine what is causing this sudden growth. Find out exactly what sets you apart from your competition, and then continue doing that. To figure this out, you may need to turn to your data. This could include looking at sales figures, inventory, incoming and outgoing funds and other information. Take the time to scrutinize your growth so you can continue moving upward.

3. Don’t Forget About Your Customers

When dealing with sudden and unexpected growth, you may find yourself trying to implement strategies or hire new employees to take on the new tasks. During that process, you might forget about your customers. Don’t let this happen. Stay focused on what you did and how you can continue to offer customers the service and products that helped you grow in the first place.

4. Carefully Consider Your Staffing Needs

Even though you are focusing on your customers and keeping them happy, you will need to consider your staffing needs. If you continue to grow, to provide your customers with the support they are accustomed to, you may need more people. You will be under pressure to add more staff to your payroll, but don’t jump right into hiring.

Take a step back and see if it’s possible for your current staff to easily and optimally take on some new duties. If their plates are already full, then start with some temporary employees. This will ensure that you are getting the assistance you need but not strap you down with a long-term expense. Temporary workers can also help you determine exactly what roles within your company need to be filled and the skillset you are looking for to accomplish those goals.

When you figure out exactly what your staffing needs are and you decide to find some full-time workers, take the time to find the right ones. You want to hire people who want your company to be a success and are suited for the position.

5. Control Your Costs

Not only could sudden growth stress you out when it comes to your employees, but you may also find yourself worrying about whether or not you will have enough product to ship to customers. This may lead you to looking for other ways to produce your offerings, and this could lead to an increase in costs.

You may have more funds coming in, but you don’t want to spend every dime you make. Finding a way to keep your costs under control but still providing customers with what they want and need is imperative. Your goal is to make a profit, but if your costs are out of hand, this may not be feasible. Take the time to analyze your situation and find a solution that is cost effective.

Experiencing sudden growth at your small business can be exhilarating and overwhelming at the same time. To ensure you don’t get swept under or make poor decisions, you’ll need to take the time to assess what is going on and what is best for your business. If possible, you might consider putting a growth plan in place, just so you have something to fall back on when this day arrives. If time is of the essence, following the tips above can help you through this exciting time.

Categories: Business

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