Is your business taking off in ways you never thought possible? Here you are, trying to manage a business that you didn’t ever think would get this big. That’s great news. You should be happy.
On the flipside, growing so fast could be a territory all new to you. Fast growth presents a new set of challenges you might not have encountered before.
Here are five things all entrepreneurs experiencing rapid business growth must know:
You need to do less
You own the business. You run the business. This doesn’t mean you do everything yourself. If you’re still working eighty hours a week as your business is rapidly growing, losing sleep over sales calls, and micromanaging employees ensuring that everything turns out right, you are doing too much. Maybe you need to hire people. Talk to a company offering comprehensive HR consulting services and sit down for an evaluation of your human resources situation.
Cash flow is king
It’s exciting to take order upon order. To get more customers, you will have to compromise cash. Giving payment terms and special arrangements for promising prospects are tactics that are widely used in business. However, there’s always a limit to everything. Make sure your cash flow is ensured. Identify bottlenecks as they happen. Prioritise cash when taking payments. Incentivise outright payments. Remember, cash is the lifeline of your business.
Invest in training
Don’t scrimp on employee training. Hiring the most experienced applicant is not always the best thing to do. You want to train people who grew with your company. You want them to learn on the job and apply their training to help your business. The cost of employee training may be a large initial investment – but you will see the returns on that investment through increased efficiency and proficiency in the workplace.
As a new business owner, it’s easy to get overwhelmed. This is an amazing time for any new entrepreneur; stay wise, stay focused and stay successful.