If you are a startup business company, fast growth is your mission. However, you need to keep in mind that growth is a double-edged sword. On one hand, your sales will increase, your employees will be more motivated, and you will start to create a positive image about your business. However, you need to be prepared for setbacks as well, which means implementing appropriate organizational and managerial changes.
Keeping up the fast growth is a challenge, which means you will have to think about saving money, keeping employees motivated, and continuously improving and expanding your office space. Here are some tips on how you can stay on track.
Create a business and marketing plan
One of the essential aspects of running a business is to have a functional business and marketing plan that covers your vision, goals, target market and intended growth. Your business plan needs to carefully outline your finances, so that you can match your goals related to growing and boosting your business with the sales that you want to achieve. Next to that, every business requires a good marketing strategy that is tailored according to the target market.
Hire exceptional people
While a good employee is important for your business, what makes your fast growing business excel are the above-average people. As your business grows, so does your workload. New problems arise, that require quick and innovative solutions. This is why you need employees who can easily adapt to changes and think on their feet, and who are ready to work the extra hour to help you overcome unexpected situations that come along the way. People who are truly motivated to be a part of your team are what you need.
Keep your customer base happy
No matter how big your business is at the given moment, listening to your customers always remains essential. Your customers have ideas that are valuable to you, they immediately provide feedback, their help via social media is important, and of course, they are your source of revenue. Therefore, prioritize listening to what your customers have to say about you, and act accordingly. Taking care of back-end support, orders and deliveries during your business’ growth is essential. When your customers become dissatisfied with your business, it will be hard to keep them.
Employ steady managers
Your managers are vital to your business’ success, but not everyone can handle the quick changes of a fast growing business. The person who was good at supervising a smaller team when you started out may not be as good with a team of 50 people. As your business continues to grow, you need to objectively asses your managers and see whether they are up to the task. Will assigning them an assistant or office automation help the weaker managers out? Do you require a senior manager to supervise their work? Or do you simply need to replace them? A weak manager can be truly detrimental to your business.
Keep your premises clean
Keeping your offices tidy and clean is essential for creating a comfortable working environment as well as for leaving a good first impression on your customers. Commercial cleaning Sydney professionals suggest that the first impression of your premises is crucial, as it can lead to you impressing or losing a customer. Next to that, keeping a clean and healthy work environment is important for your employees to feel like they are at their second home and be motivated to do their best. Well maintained offices are the oil of your business’ success.
Connect with other businesses
One of the important elements of growing your business properly is to connect with other local businesses. Network with them based on a similar business vision, strategies and opportunities. Make sure that you’re present at local business events, since they offer opportunities for startup businesses to come together and share experiences and ideas. What you can also do is join small business associations and take part in local events in order to make your business better known. Events like this are a great utility for promoting your business and brand.
Watch your profit margins
It isn’t uncommon for a small business that is on the rise to get excited about the sales and forget about profits. This is particularly the case when a business transitions from a small enterprise to a large organization with multiple managers. It is these transitional phases when overhead expenses can quickly arise.
A vital part of your growth are fat profit margins. They are necessary for outside investors that you might want to attract. Refined investors and lenders will also be very interested in trends in your profit margins. Fat profit margins are important even for internal financial growth, because they leave more space for mistakes. In the case that they are thin, the smallest error can be detrimental to your profit.
Find a good mentor
A mentor that is experienced with entrepreneurship can make your job a lot easier for you. You can make use of the experience of someone who has already been in your situation. Don’t let your pride get in the way. No matter how good you are, and how good your business plan is, every startup business can only benefit from having a good mentor.
Managing a startup business that aims for fast growth can be challenging, but if you have these tips in mind, it can be a little easier for you. A good business plan, satisfied employees as well as customers, steady management and a good connection with other local businesses are key factors to your success. With this in mind, dive into the business waters, while keeping an eye on your profit margins.