5 Easy Ways to Effectively Manage Your Business Growth
Many business owners will say, “Just give me more sales,” but the truth is that they would likely get smashed if they had twice the customers each month.
They wouldn’t be capable of doing it, leading to many complaints from unhappy customers that would make it difficult.
As a business owner, it is important to develop your company systematically. Here are 5 steps to get you started.
You are on the right track
Your business will experience growth if you have done something right. While it is exciting to see your business develop and grow, it is also important to remember that not everything can grow along with it.
You need to ensure that you can handle increased sales and avoid any bottlenecks in a business capacity. These include staff, warehouse space, computers, larger offices, and suppliers who can handle the increased workload without compromising quality.
It amazes me that Apple releases a new phone every month. They sell millions or millions of phones within the first month. The planning involved is amazing.
It’s great if your business grows naturally. Do not rush this growth. You can take your time and allow it to grow organically. This will give you the time to think about what you want for the future. Consider hiring experienced board members and business mentors. Many business owners don’t see themselves as the bottleneck.
Business growth is a major challenge for owners. A General Manager may be necessary to manage the company’s day-to-day operations. This will allow you to focus on the future and not worry about the current state of the business.
Hiring a skilled manager will help your business grow and reduce your workload. It is also attractive to investors. Investors want to see that the company can operate without an owner. A GM will make your business more valuable when it comes time to sell it.
Your manager should do the job
It’s tempting to keep an eye on your employees’ every move once you’ve grown the business to the point that you need them to manage it. It’s tempting to ignore them and make decisions on your own or to go directly to their assistance.
This is a great problem. You no longer have to deal directly with employees and daily business issues. You must trust the manager you have hired to do their job. You run the risk of losing your manager and confusing your staff.
You may have spread yourself too thin up until now. Now it is time to focus on one area of the business and let your manager concentrate on the other. This is what I call “Let Go and Grow”.
All systems work
Effectively managing your growth ensures your processes can handle higher output volumes and make it easy for new staff members to use. Your operations might change from when you were at a lower level.
You should review your operational systems and processes every year. Ask your employees for their feedback. You need to have clear guidelines for your employees, no matter how far you are from the daily operations. Your procedures must be trusted to scale.
Your current operating model may not be as productive in the future. You need to plan and think about how you can grow your business.
No Golden Rule
There is no one golden rule for managing growth. In reality, many variables can change daily. Each business and every situation is unique, but as Louis Pasteur said, “Chance favours the prepared mind.” It is better to plan than to fight fires.