No matter what industry your business is in, with the right practices, it’s bound to grow. Your startup can go from managing two clients to 200 in just a matter of months. Although this is an exciting time in your career, it can also be one of the most challenging. Your sales are increasing, but you’ve had to do a lot of scaling to keep up. Finding the right balance between these two in times of rapid growth can seem impossible at the time, but there’s hope. We have seen many businesses go through growth with grace, and some that have let their rapid growth take control of their business. We have compiled 4 tips to help you take the reigns and manage your fast growing business with ease.
Manage Your Fast Growing Company
1. Create “Medium-Term Goals”
When you started your business, you created dozens of short term and long term goals when business planning – but did you consider the time in between them? In between your short and long term goals, it is important to set a series of medium term objectives that support your overall vision. As your company grows rapidly, you will surpass many short term goals, but won’t quite reach the long term goals just yet. By establishing medium term goals, you will be able to better stay on track to reach your long term ambitions – with few less bumps along the way.
2. Listen to Your Customers
No matter the stage of your start up, your customers are everything to your business. Without their happiness in your brand, you wouldn’t be where you are today. It is crucial to listen to your customers and to keep them happy. Because you are so immersed in your own business, you see things differently than your customers. By listening to their feedback, comments, and relevant ideas, you can make fast improvements with little guesswork.
3. Consider Financial Implications
As your business grows, your cash flow can suffer. Many invoice-based businesses like manufacturing, construction, and freight suffer from this greatly. As you take on more and more customers, you produce more work without immediate payment – leading you to get lost in the overhead costs. When taking a look at your finances, it is important to consider the following four areas:
- Business budget
- Cash flow
- Business related Spending
- Employee wages
If you are concerned with the findings from any of these four areas, you may want to consider partnering with a business financing company. By partnering with a business financing company, you will be able to secure a strong source of working capital. This will allow you to fulfill orders, keep customers happy, and grow your business larger than you could before. Many business finance companies offer services such as invoice factoring or non-recourse factoring. These factoring services allow business owners to sell their outstanding invoices or account receivables for an advance of up to 96% with low rates. This type of financing allows business owners to get almost immediate cash for their outstanding invoices without incurring any additional debt, as it is the money already owed to their business.
4. Have the Right Staff
Your staff is your business. They are the faces that your customers interact with everyday. By having a strong staff that works smarter is essential for fluid growth. Hiring and attracting talented employees to your business will not only improve daily functions, but will allow you to have peace of mind with your team.