“We are adding a new wave for the lead generation account!” exclaimed fervently by our operations manager. The company is adding new people to supply the needs of the account. It is a surreal moment. Things are starting to fall smoothly in the right places. Pantry coffees have never been this tasty before. The morning mantras, the juggling routines, the morning prayers — all are finally starting to resonate with the universe. The business is booming!
The rapid growth stage is one of the most celebrated and exciting phases for a startup company. However, handling sudden growth is a no-brainer. In fact, according to Startup Genome Report, 92% of high growth startups fail before they reach the third year. This report, it implies that if you’re not properly prepared for big changes, chances are you are heading downhill to the pitfall. Hence, if you’re unequipped, proceed with caution.
On the surface of growth that comprises building new products and adding new talents on board, many businesses often get too excited along the process. They started losing sight of the organizational strategies to keep the business afloat and thriving. As a result, the company falls victim to its own growth.
Getting your startup business to new heights can be extremely nerve-wracking. It is imperative that, even in the flourishing period, you have a solid plan to keep control of the situation. Here are a few ways to keep your company in the center stage.
- Create Processes and Systems – Companies are meant to grow and the addition of people is essential to distribute authority for efficient control. You’ll need new people and cascade leadership tasks and responsibilities to ensure the growth is overseen and not overlooked. To succeed in this, hire the right people and implement systems that will help sustain operational needs. Processes must also be regulated in accordance with the growth of your people.
- Create a Growth Strategy – As your business grows, you have to carefully understand the risks and opportunities for your company. You have to capture and analyze data encompassing internal resources, marketing and distribution channels, competitors, target demographics, and the global market. Keep up with the changes and trends. Your growth strategy must be tailored fit to the data you captured to come up with a straightforward plan.
- Uphold Superior Client/Customer Service – While working on the building map for upward trajectory, do not let the quality of your service slide. If your clients are accustomed to the excellent service that they signed for, doing things to take away from that experience will drive them off to displeasure. After all, the clients and customers are the prime reason why your company is booming. Find ways to keep track of their impressions and ask for timely feedback. Utilize appropriate platforms to accumulate their concerns. Keep them happy!
- Forecast Financial Requirements – Growing companies encounter new expenses for additional tools and potential training. When making decisions about business investments, think about the purpose and long-term results. Are these training seminars beneficial for the growth of the company? Are these the right tools to provide the needs of new people on board? Analyze your cash requirements by doing an intensive analysis of the cash inflow and outflow. With this, you can look at your business’s financial status and what needs to be improved.
- Think Global and Adapt to Change – A successful business owner can think outside the box and adapt to the ever-changing trends and concepts. Obsolescence is a disease to a booming company. The ability to acclimate and test different strategies is one of your core methods to approach the growth stage. In this period, it is imperative for leaders to fully exhaust resources and have the ability to inspire everyone to achieve common goals. However, a rough road is along the way. You will be positioned in critical situations where critical decisions are required to move forward. So, buckle up and welcome changes.
The growth stage of a company is comprised of surprises and things can happen, good and bad. While you work hard to keep the flame of growth, managing the company to ensure consistent service is delivered and steadfast financial flow is crucial to long-term sustainability. When it’s time to make big decisions for the company, you need to be prepared both mentally and financially.