Growing Pains - [website] Published: 24th of Mar 2011 by: (c) Staff Training Reporter
Businesses, especially small businesses, have a habit of going through periods of exceptional growth (known as growth spurts) that if not dealt with correctly can have unpropitious effects.
The following few suggestions (adapted from Score.org) will help you understand what to do during (and before) growth spurts to make them easier to deal with.
1. Seek help from outside of the business.
“Growth is tricky and stressful,” according to Score, and many smart business owners rely on outside assistance (from consultants etc.) to help get them through these periods.
2. Hire additional staff BEFORE you need them.
This can be done by creating part-time positions that can be extended as and when the workload increases. Score suggests in times of rapid growth the instatement of a chief operating officer and/or chief financial officer.
3. Change your role in the organisation.
When a small business goes through an expansion it is common to find CEOs (who were previously playing the part of managers) distancing themselves from the day-to-day running of the business and instead focussing on leading and strategic thinking and planning.
Delegating can be difficult when you’re used to doing everything yourself but it’s a necessary step for managers and CEOs to take if they are to lead more efficiently.
4. Analyse your customer base.
You want to focus on the customers that contribute most to your bottom line, according to Score.
“Let go of those who distract you from your goal—for example, because they are outside the area in which you want to work or take too much of your time.”
5. Ensure you have reserve capital to see you through the difficult times.
With growth comes challenges, so having reserves helps ensure that you remain afloat during the more difficult times. Reserves can be anything from cold hard cash to assets easily turned into cash.
