One would think that the main and the only concern of any new business on the market would be achieving better growth rates and getting in front of more eyes in the shortest amount of time possible. However, what happens when you get there? Most companies don’t expect a surge of sudden growth, let alone build strategies to manage it properly in order to prevent failure. Yes, growing too fast can be just as detrimental as growing too slowly, as not being able to scale your business in accordance with the demand may cost you customers.
So, if you’re in a fast-growing industry or you already see your business blooming in the next several months, you can use the following tips to make sure your ability to grow can meet the pace of said growth.
Perfect your customer service
A major mistake many businesses make in the first several months of rapid growth is not meeting the needs of their customers. If your potential users or buyers are waiting for hours or days to get a response from you, or they couldn’t get anyone on the phone if their life depended on it, it will soon backfire and show in your sales dropping as fast as they initially flourished.
Since customer service representatives are often the first and the only point of contact for many businesses, you need to make sure that they truly are the guardians of your reputation. Otherwise, you risk making your customers feel unappreciated and irrelevant. Your customer service team needs to be equipped and able to handle this level of growth in order to protect your brand image.
Update your tech
With more sales comes more responsibility towards your customers, since they rely on your business to protect their private data, to receive the product or service as soon as possible, and your employees need to be able to keep up with the demand. None of that can be done if you’re using poorly optimized software and hardware equipment, or if your security measures are outdated or not suitable for a business of your size. How about your storage options and your communication channels? Plus, if you’re using too many employees on a task that can be automated, you’re wasting valuable resources that can be put to better use. Make sure that your technical architecture is up to the task of growth and your business will bloom.
Keep up with your business needs
First of all, let’s take a closer look at those possible needs. If your customer service agents work from your office, do you have the space to handle this growth? Do you have the right supplier to provide you with a suitable amount of material you need? What about other employees, do they have an optimal work environment?
Learn from business masters Down Under, as they have mastered the art of office management by using co-working spaces, sharing offices, and introducing more remote, flexible options. That is why using a serviced office such as this one in Sydney and other larger cities with a booming business scene has become a growing trend that enables stable, manageable growth. If you see a need for more employees, consider moving to a larger office space, or find a temporary, co-working option that will allow you to grow.
Structure your finances
More employees, better computers, improved security, and a more powerful customer support staff means that you also need to make sizable investments in more than one sector of your business. How well you manage to allocate your funds may just be the factor to tip the scales in the favor of that rapid growth, or stop you in your tracks as your budget breaks under pressure.
By conducting an analysis of your future financial needs, calculating your upcoming expenses, and taking a close look at your cash flow, you can assess the most urgent areas that need upgrades and the best ways to diversify your payment methods to cover your expenses.
Consider a partnership
Finally, if you are going at it alone, you may find yourself feeling that cloning is in order. While it’s admirable that your company has exploded under your leadership, you should recognize the moment you need reinforcements in that area.
For example, you may want to consider taking on a partner that will help you not only financially, but also by sharing the burden of running the business. By splitting your responsibilities, you will be able to handle your sudden growth and stabilize it in order to scale properly.
While running a business comes with a slew of unpredictable challenges, handling growth should be something every startup takes into account. Do your best to reinforce your strategy by thinking of fast progress, and you’ll let your company take full advantage of your speedy growth rate.