If you’ve jumped on the fast-growth train, many would suggest that you’ve hit the jackpot. And they would be right – considering all of the potential pitfalls that new businesses face, being in a position where you are growing at an alarming rate can feel like you’ve made the “Big Time”.
Unfortunately, this is only the start. Being able to grow quickly but safely is a deft art – and one that you must master if your business is going to survive.
Talking about ‘survival’ and ‘fast growth’ may appear contradictory, but this is a topic that brings its dangers. Through today’s article, we’ll tell you five tips that you should abide by if you are going to manage your growth successfully.
1. Keep your team tight
This is a golden rule for any business, but it is especially pertinent when you are growing quickly. As your company expands, you’ll need to make sure that the team you have in place is capable of handling the extra work.
Adding new people to your team is a big decision, and it should only be made when you are confident that they can handle the extra responsibility. Firing people is always harder than hiring them. Still, if you don’t have the resources to support your growth, then you may have to do just that.
2. Don’t forget your roots
One of the dangers of fast growth is that you can become so focused on expansion that you forget about the things that made your company successful in the first place.
Make sure that you continue to focus on your core values and what makes you different from your competitors. This will help you stay on track and continue to grow in a sustainable way.
3. Stay lean
When you are growing quickly, it can be tempting to invest in all sorts of new equipment and to expand your office space. However, it’s important to stay lean and to only invest in things that are absolutely necessary.
For example, you may decide to invest in larger office space and rightfully calculate the extra costs of these premises. Do you have public liability insurance in place for your premises if the public have access? Or the extra HVAC fees? In other words, every growth decision likely has other consequences, which need to be accounted for.
4. Delegate, delegate, delegate
As your company grows, you’ll find that you can’t do everything yourself. This is where delegation comes in. Make sure that you delegate tasks to your team members and that you give them the responsibility to make decisions.
This will help free up your time, and it will also help develop your team members, giving you more opportunities to focus on other areas.
5. Stay on top of your finances
Granted, we’re finishing with an obvious one, but it’s almightily important. One of the biggest dangers of fast growth is quickly becoming overextended financially. This is why it’s crucial to stay on top of your finances and make sure that you are investing your money in the right places.
Make sure that you have a solid financial plan in place and constantly monitor your expenses and your revenue. Cash flow is a big one here and even though it might ‘feel’ like your business is performing well, do you have enough cash coming in to continue to make it viable?