Five Tips for Handling Business Expansion with Ease
As a small business owner, we know you work hard to make a name for yourself and your business in order to sell your products or services. As your organization begins to grow, you’re likely faced with a new set of challenges that accompany the expansion of your startup. Sustaining your growth and rising to the new set of challenges is an important aspect of allowing your business to continue to succeed.
- Develop a medium-term goal. When you started, you likely created short-term and long-term goals. While those goals are exceedingly important, you must also consider the medium-term goals that will help you along the way to the long-term goals. The medium-term goals supplement the process. Utilize these medium-term goals as objectives that will act as stepping stones over the years to help you accomplish your long-term goals and visions for your business.
- Find a mentor. As your business grows, you may find yourself struggling to determine which next step you should take. Finding a mentor or an organization that can guide you will be crucial during this time of new challenges. Having a mentor with entrepreneurial or business experience can help take the weight off your shoulders of navigating through these new challenges alone.
- Develop a rock star team. No one can do it alone. We suggest that you identify and build a hard-working team around you that consists of individuals who share your goals, passions, and that have more experience than you do. While your product or service may have set you apart from other organizations, your team will continue to help stand out by going above and beyond to work towards the growth and sustainability of your business. When you have a team of gifted employees, you can focus on the strategy and process that is involved with delivering high quality service on a consistent basis.
- Make the change from being opportunistic to strategic. Rather than waiting for opportunities to come to you, seek them out. Be sure that the services and products you are providing are scalable. While it’s valuable to go above and beyond for your consumers, be sure that as you grow you’re utilizing sustainable practices that can be maintained on a larger scale. Consider where you are placing your bets and where your organization is poised to go then make strategic decisions that will supplement your organization’s new growth. In making the change from opportunistic to strategic, attempt to plan where your new growth may occur and be proactive about obtaining it through planned strategies rather than rolling with the punches.
- Develop a process. While we mentioned having a rock star team is an important part to handling your growing business, it’s important to make sure that your team develops a process to handle the new growth. While you may be used to being heavily involved in every aspect of your business, as you grow you may find you have less time to be that involved. Develop sound processes so that your team can rise to the occasion to help your organization sustain and scale its high quality practices.
While the changes that come with expansion and business growth may seem daunting, remember keep your eye on your vision when you set out on this journey. And, know that you are not alone in it. GROW delivers a spectrum of training programs, entrepreneurial resources and business consulting to help business owners at every level. We invite you to attend an Intro to GROW class to learn more and check out our upcoming calendar of events.