Business owners want to see growth. The growth of a company can be synonymous with the success of a company, but a business that grows too quickly can be just as detrimental as a business that grows too slowly.
If a company isn’t ready for rapid growth, things can spin out of control in terms of manpower, technology and even funds. Ease into steady progression, prepare your people and processes, and focus on the things that work.
Slow and Steady Wins the Race
We all remember the story of the tortoise and the hare. A slow and steady tortoise challenged a speedy hare to a race. Overly confident and certainly boastful, the hare was off to a great start. He paused down the road for a rest, only to later awaken to victorious cheers for the tortoise.
Just like the children’s story, a business that rushes for victory may need to stop and rest. If orders are up and the company begins offering larger quantities of shipments before they are actually able to handle the high demand, processes may shut down. Rushed products or services may be faulty, resulting in a high demand for customer service. If customer service cannot be controlled, the turnaround times can be increased, putting a hold on further distributions, and essentially “resting” the business.
When reality and expectations are far off from one another, it’s a recipe for disaster and disappointment. Some companies may start off hot, raking in sales and profit in a short amount of time. If this happens, business owners need to remember to remain grounded and not get carried away with orders and shipments, or even the media. You may want to wait until you see a consistent pattern of success before throwing yourself a huge party and inviting everyone who matters.
Getting ahead of yourself can be humiliating to your business and your employees if you fail. It’s much more difficult getting back up to the all-time high when you’ve so quickly hit the all-time low.
Remember Strategies that Work and Forget the Ones that Don’t
Sometimes the biggest problem that a company has is not realizing that there is a problem. Maybe not even a problem, but a need for change. Change is constant – a concept many business owners have a problem understanding. The environment changes, the consumer changes, the thought process behind purchases changes. In order to stay relevant in this evolving world, companies must do the same. This doesn’t necessarily mean throw out your entire company and start something new. It just means to adapt.
If certain things aren’t working to the full potential that you initially envisioned, get rid of it. Alter it. Do anything but leave it unchanged. If you’ve tried promoting campaigns through Facebook and Instagram but only generate leads and sales from Facebook, focus on Facebook. Try something different with Instagram; a different type of marketing campaign, or no campaign at all. Stop wasting time on processes and ideas that do not provide benefits.
Business owners shouldn’t be afraid to hire help. Some business owners want to do everything on their own. Handle the day-to-day management decisions, coordinate meetings with clients, run the monthly promotions. Sometimes it’s best to get someone else to do all of that for you. Especially if they are better at it than you. That’s a tough pill to swallow but let’s be honest. There is someone out there that knows more about financing a business than you; a marketing guru that can make the name of your company bigger than you ever imagined. Hand off some responsibilities to intelligent people. They can get the job done without you needing to take any time away from the things that really matter.
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