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Your business is growing, and by a lot in a short period of time... There are some things that you need to consider and ensure you have processes in place in order to deal with these!
Workload on Employees
Possibly one of the most important things in all businesses is its people. If your employees are overworked, they most likely won't be happy.
As the business grows, be transparent with the staff and share the growth strategy with them, such as when new hires will be joining the team and how long it'll take to get to where you want to be as a business. If they know when it's likely they will be receiving support from colleagues (new or current), it increases the chances that they will stick it out.
Find the time to discuss workplace culture, ensuring to address matters when they arise and give back to your employees before they jump ship!
Outgrowing your Space
Ok so you've grown your business by 50%, great! But now people are running out of desk space... And that's not where the problems stop! More employees = more space needed.
To avoid this becoming an issue, plan into the growth strategy when you will need to move to a new space, is it when you've hired 10 new employees? Think about putting this into your lease contract with your landlord, to avoid any pitfalls like extra rent or exit fees!
Think about if you need an additional office, or if you would like to keep the business together in one environment. Plan accordingly.
Unhappy Customers and Negative Feedback
You've started to receive negative feedback about how your 'customer service is lacking' or customers have had to talk to 5 different people before they get what they want from your business... Ouch.
Negative feedback is part and parcel of running a business, especially if you're customer-facing. But there are ways to reduce this likelihood when growth is a goal. Think carefully about how you monitor your feedback system, checking social media regularly and have a plan in place for handling all types of feedback. (Don't ignore- be responsive!)
Don't lose touch with your loyal clients and customers, they will form your repeat business if you treat them well!
Management Mistakes
You're usually managing a group of 50 people, and all of a sudden, there are 100 extra members of staff. Now what?
Your normal management system probably won't work as effectively as it did with fewer employees. Management mistakes to look out for:
Not delegating
Forgetting to give praise
Ignoring Marketing
Being negative
More people = more personalities and different ways of working. So how can you solve this?
Outsource a team of HR consultancy professionals to support with your business growth (hey, we're over here!), ensure you have enough management in place to handle each part of the business and employ the RIGHT people for the job.
Cashflow
To begin with, there may be a shortage of money whilst expanding the business. Taking on more staff and leasing a bigger space are costly, and you need to take this into consideration. How will you solve this before it becomes detrimental to your company and its reputation?
Before thinking about the physical growth of the business, ensure ALL policies- especially financial ones- are up-to-date and bulletproof!
Make sure you're doing your part with accounts receivable- include procedures for payment in your contracts and invoices. Make the information readily available to all customers and clients!
Company Culture Losses
As smaller businesses grow, they can lose that 'family feel' very quickly as different personalities are added to the mix and there's a lot of adjusting to do. It can be tricky to hold on to the culture of the company, especially if your culture is based around you being a small to medium business. So what can be done?
When hiring, look for candidates who are qualified, can do their job well and contribute to company culture. (But DON'T just hire on 'company fit')
Designate someone to focus on positive company culture
Recognise employee contributions and achievements
Develop traditions that continue through the growth process
Growing your business can be a super exciting time, but failing to prepare for the shortcomings that could occur due to this, could be the downfall of your business...
Using our tips above you may just avoid that!
Not sure on where to start? Contact us today for support!