The rapid growth of a company can be unexpected but exhilarating. To see an idea planted on paper and quickly bloom right in front of your eyes is one of the most rewarding experiences of being a business owner. As exciting of a time as this is, it may also be overwhelming and difficult to handle if you weren't prepared to take off so quickly.
Here are five ways to handle rapid growth that will help you make sure your company continues to expand.
1. Understand Why Your Business Grew
Rapid growth doesn't just happen out of nowhere and is usually attributed to something very specific that you're doing. You need to figure out just what this is to make sure you continue doing it. It should be at the forefront of your business model so that it's implemented continuously.
How do you find out the reason behind your rapid growth? Analyze the data. This is why it’s crucial to keep track of absolutely everything going on in your business. Data helps you see where you’re lacking, but it also shows you where your strengths are. These strengths set you apart from the competition and keep business booming.
2. Don’t Compromise Customer Experience
One common theme of successful businesses that stand the test of time is making customers a priority. This isn’t news to you because if you’ve been growing rapidly, it’s more than likely that your customer service is impeccable. Make sure you keep it that way.
Sometimes when companies begin growing, they start compromising the experience of the customer. This involves robocalls instead of speaking with actual humans. Although you're technically getting the job done and helping customers with any issues they have, they probably prefer to talk to a person instead of a robot about their problems.
Another way businesses may lose sight of the customer is by chasing new markets or changing specific methods to fit new opportunities. You grew quickly in your current market, why not try another one? You want to continue expanding after all. Chasing new markets is acceptable if you don't lose current customers in the process.
Even if you decide to expand to a new market, it's essential to make sure you're still customer-centric. If you want to launch a new product or service, you should always get feedback from your clients. This is invaluable as it helps you decide if a new idea will be profitable and serve the customer, or if it's going to lose you money and customers.
3. Adapt But Stay True To Your Vision
Rapid growth will bring on new challenges that require you to be adaptable. This might involve testing different strategies to find out if your current ones will uphold your more extensive clientele. You always want to find the strongest approach to continue growing.
But adaption and rapid change shouldn't ever sway you from the reason your company was started. You and your team need to be laser-focused on your vision and mission every single day. Being driven by your mission and vision statements will ensure that you're operating in a way to serve the customer and the greater good. This is important since rapid growth can sometimes inflate egos.
4. Assess Your Staffing Needs
With rapid growth comes a need for a larger staff. But before you expand your team, you should critically examine your current staff. Analyze their responsibilities and how they can be perfected to meet the increasing needs of your customers.
What if you need workers now, and the optimization process will take too long? Hiring temporary workers is an excellent option when you need to hire quickly with little risk. This will also allow you to see how more people on your team will work. It can also give you a rough estimate of how much it will cost you to expand your team. From here, you'll be able to assess just how many employees is actually necessary to run your growing business.
Instead of hiring new employees, another option is to hire freelancers. They can do their jobs remotely, and they can take care of the tedious jobs, like data entry. This will end up cutting costs down and frees up more time to perform tasks onsite.
Companies everywhere are hiring freelancers to remotely do the tedious jobs, such as data entry. This will help a lot to cut down on costs while freeing up more time for onsite tasks.
5. Don’t Rapidly Hire
It’s vital that you understand that rapid growth doesn’t mean rapid hiring. You need to choose your team wisely. Even if you have an award-winning product or service, your employees have the ability to make or break your business. If you don’t have the right people on your team, the rapid growth you’ve acquired will soon be stunted.
Who should you hire? People who are smarter than yourself and share the company’s vision. They’ll help develop a lot of innovative ideas that will help propel the company forward. But once you find these employees, it’s important to make them a priority.
Much like customers, employees enjoy feeling appreciated and like they are contributing to the company in a big way. And they are. Your company couldn't run without employees. When you hire new employees, get to know them a little. Find out what their strengths and weaknesses are and help develop them accordingly. Giving new hires all the resources they need to help them grow will ensure your company’s growth continues.
Rapid growth for your business means you're doing something right, and you should be proud of that. It's a time of celebration but can also be a time of stress if you're not sure how to handle it correctly.
Understanding how and why you experienced such quick growth is crucial to finding out what works and what doesn't to keep your company expanding. Keeping customers and employees the central focus of your business is a sure way to keep it rapidly growing.