Your business is booming. Sales are up and profits have never been higher. Those greener pastures you have been tirelessly working towards are finally starting to come into view. The rapid growth stage is one of the most exciting times for any company.
However, handling rapid growth is no easy task. If you are not properly prepared for the big changes, things can easily spiral out of control and turn your dreams into nightmares. The challenges of rapid growth are very real and must be handled with caution. Upgrading your small organization can be extremely nerve-racking. Here are a few tips to keep in mind during this eventful process:
1. Understand the cause of growth.
If your small business is experiencing rapid growth, clearly, you’re doing something right. Pinpoint exactly what it is that sets you apart from your competition. Keep this aspect prominent within your business model. It is easier than you think to lose sight of core values during rapid growth.
This means analyzing sales, assets, overheads, inventory and receivables. Once you have a clear idea of exactly where you stand financially, plan out how you estimate the growth to impact those factors to determine how you will need to refinance. This will help to avoid potential liquidation down the road.
2. Keep customer experience a priority.
Regardless of what stage of growth your business is in, always make sure you are listening to your customers and meeting their needs. Don’t you hate calling a big company and being forced to talk to automated robots and listen to mind-numbing elevator music? If your customers are used to a high level of support, doing things to take away from that experience will turn them off in droves.
At the end of the day, the customers pay your bills and are the reason business…