Growing Pains Solutions
How to Solve Growing Business Pains
Experiencing business growth can be both exciting and challenging. As your business moves to the next level, some things may take you by surprise. This Forbes article discusses some of the most common growing pains and some tips on how to deal with them.
- Constantly fixing mini-crises. When everyone turns to you every time a mini-crisis arises and you constantly put out fires, you lose focus on your long-term goals. What you can do is to hire some senior members to help with some of these issues, as well as set long-term goals and forecasts for your business.
- Not enough time to meet business demands. When you hit a growth curve, demand also increases and it can sometimes feel like you don’t have enough time to accomplish everything. Review your org chart and make sure your employees are accomplishing tasks that are aligned to your short and long-term goals. If you’re not ready to take in more in-house staff, hire freelancers for short-term requirements.
- No established processes and procedures. Focus on your long-term goals and implement procedures before you need them. You should also listen to your employees’ feedback about your existing technology and processes because they’re the ones who use them every day.
- Ineffective communication. While you don’t necessarily have to say goodbye to informal catch-ups even as your business grows, you should scale communications and have formal processes for increased transparency and efficiency.
- Knowing when to scale. Not everyone is meant to run large-scale operations, so be realistic about your capabilities. Have a reliable board of directors or mentors to serve as your trusted advisors.
Is your business growing too fast? We’re not only good at crunching numbers, we can also guide you through this new stage in your business. If you need tailored advice, get in touch with us today!