Are you currently enjoying a period of growth in your business? This is usually an indication that you’re doing a good job. A new product was launched, marketing has been effective and sales continue to rise as you take on more high value customers.
You’ll enjoy this trend for a while, but with a growing number of customers to service and enquiries pouring in, you will at some point reach the limit of your capacity. You may run out of human power (over-working leads to mistakes), business resources or the ability to manage your team while meeting customer expectations.
At this point there are several steps you, as the business owner, can take to ensure the day-to-day running of your fleet and the hiring of dedicated staff is managed effectively.
Pitfalls to avoid
There are some common pitfalls to avoid when looking to grow your business with new appointments and higher value customers. If you keep them in mind, it will help you better manage your business:
1) Let managers do their job. When you grow your business to a point where it becomes necessary to hire new staff to manage projects, you must resist the temptation to deal with all business matters on your own. You need to learn to hand over responsibility for the running of the business and must give your team the chance to deal with certain issues - or run the risk of losing your manager's loyalty or reducing staff morale.
2) Be open to consider new ideas. When you’re the founder of a business and have set a standard to maintain, it is often difficult to let go of all these details. With the appointment of new management comes the opportunity to share ideas for growth and to better improve your services.
Analyse your efforts
Managing growth effectively is all about making sure you have resources in place to deliver as demand increases, as well as spot any potential failures before they come to the surface.
Having a process for every aspect of your business is essential to ensure the quality of your offering is maintained.
There is no golden rule to managing business growth, or predicting future trends, as every business is different. But, having a good attitude and dealing with a problem head on instead of adding it to an endless list of tasks, should provide you with a more refined business structure.
By James Sandwell, owner of Sunshine Events