Managing Small Business Growth
Watching your small business grow can be an exciting and stressful time. Growth means you are doing something right and that growth needs to be managed effectively or it could hurt your business. You may need to hire more staff, delegate more tasks or change your incoming inventory habits. All this and more has to be done while maintaining your small business identity. Gem City Business Solutions can help you manage your growth and advise you and your management team on “best practices”.
Here are a few things to keep in mind while your business is growing:
Manage your cash flow
As sales start to increase, so does your need to purchase supplies and inventory. This is often the downfall of small businesses who cannot keep up with the demand. On the same coin your customers need to pay their invoices on time so you are never short on the cash you need to make new purchases. You may need to change certain ordering habits to accommodate the new business. This needs to be addressed immediately and creating plan on how to manage this is always a good start.
Pay attention to quality control
The quality of your products and/or customer service is what got you to this stage and it needs to be maintained, on all levels. Strong guidelines, standards and internal systems ensure that each level of your business maintains the high-quality service your customers love you for. This should be overseen by someone you trust within your business, who will make sure this is a top priority.
Hire the right people
You will need to bring on new hires as your business expands beyond your capacity to manage every small detail. As a business owner you must realize when it is time to hire someone who can help you manage your employees and the day to day business operations. Delegate and let a manager take the wheel so that you can continue growing your business.
Mind the mission
You must remember your roots and that your original idea and mission played a big role in your company’s success. Don’t let your company’s culture get lost in the supply and demand cogs. All of your managers and new hires must understand your values and stay true to your original business plan. It is essential to your success and identity as a business owner.
REMEMBER YOUR CUSTOMERS.
This is where your business begins and ends. Your customers are who got you started and who will continue to help you grow. Their needs must be a top priority and an open line of communication should remain open. Developing a strategy to ensure you stay connected to your clientele as you grow is a good idea.
This is a lot to process but we are here to help. We want to make sure that as your business grows so does your capacity to handle that growth.