However, the trouble is, a rapid growth for small businesses can prove too much to handle. It opens up a whole range of challenges that, if not dealt with correctly, could potentially force the business to close its doors.
If your business has experienced rapid growth and you’re struggling to keep up, below you’ll discover the best ways to deal with it and take advantage of your company’s success.
Keeping your staff up to date
One of the biggest challenges which comes from rapid growth, is inevitable changes to policies and procedures. If your staff aren’t kept fully up-to-date with these changes, you’re going to run into a lot of problems.
So, to avoid this, be sure to keep your employees up-to-date with any potential changes as far in advance as you can. That way, they won’t become overwhelmed by the sudden increase in responsibilities and change of procedure.
It can also help to explain the benefits of this period of rapid growth and ask your staff for any feedback they may have.
Opt to float on the stock market
Another challenge presented by rapid growth, is it can make it tougher to fulfil the increased orders your business is receiving. This in turn can put a halt to your cash flow – something you definitely don’t want to deal with! So, to keep cash flowing during this challenging time, it can be worth floating on the stock market.
Now, typically businesses do best on the stock market when they experience steady growth. Investors love to have stakes in a company that’s gradually and consistently growing. So, a huge spike in growth could be potentially off-putting to some stakeholders. However, there’s still many who will be excited to be a part of such a fast-growing business.
Focus on customer experience
Customer experience and satisfaction becomes more important than ever before during a period of rapid growth. You’re therefore going to need to invest heavily in resources to ensure you’re providing a high level of customer service.
This could involve giving your employees additional training, updating and acquiring new technology, and reassessing your suppliers to ensure they can meet your increased demands. As you’re receiving a record number of orders, now’s the time to ensure you can deliver on them and to do that you’ll need a reliable supplier, along with a speedy and reliable courier service.
Overall, rapid growth doesn’t have to be stressful. If you follow the advice above, you’ll soon be able to enjoy your businesses newfound success, rather than stressing out over it. As with anything to do with business, the best way to deal with rapid growth is to plan for it. However, it’s not always possible to foresee a period of rapid growth so knowing how to handle it when it does happen is essential.
