How to manage rapid growth in business
Increased demand for the product.
Distributors rushing to the company only to ask for more and more business.
Sales lead converting to sales confirmed deals at the drop of a hat.
These are dreams that come true to every business owner, be it big or small. However, the increase in demand means the supply speed should also increase. In most cases, this is the place where a growing company takes a hit.
While managing the business during its downtime is one phase and handling it during its rapid growth is another challenge altogether. Here are few points that can help
Manage your finances
Do you have enough budget to handle the sudden surge? If not, how do you plan to accumulate it? Always remember that your monthly expenses will also grow along with your ability to meet the demands. So ensure that the cash flow is current and transparent.
Every business has credits, be it payables or receivables. Most times the businesspersons have to take as well as give credits. Does the question arise as to how willing are you to manage either or both of them? Monitor the inventory and deliverables to plan the finances accordingly. Understand your cash flows and redefine the budget.
Talk to your customers
With the increased workload, it is highly likely to get a lot of customer-related concerns to your help desk. It is okay, don’t be overwhelmed by the number of calls you get. Instead, concentrate on problem-solving and proactively finding a solution.
Emailing is the best means of communication. If there are any issues or concerns, it is ideal to inform the customers beforehand. That way they remain understanding as well as loyal to the company during its growth. Find the email addresses of the customers using email hunter websites like GetEmail.io to get in touch. Open communications keep the relationship healthy.
A good leader is one who actually listens to his/her staff. When the work demand is high, it is easy to forget that staff are human too. And they can take the load only to a certain extent. Explain the situation to the team and make conscious decisions.
When the demand rises naturally, the quality will take a hit when concentrating on quantity. If the staff is really struggling to meet the ends then do not hesitate to hire additional hands. Promote the existing ones to a leadership position and new hires at the entry-level. Excellent training to the employee ensures that they create better professionals out of the newbies.
The main objective
Yes, you’re doing great and trying to meet the demands currently. But what after that? How have you planned to maintain the demand, and for how long? Getting viral isn’t a great deal as long as you’re staying viral for a pretty good time.
Make organisational changes, improve the inventory and bookkeeping. Plan the ways to expand the business in another 2 years. And keep reinventing the basic product for which you have the huge demand. Sometimes, it isn’t just about the profits but the actual growth of the business. The business that runs smoothly through the highs and lows is the company that will last longer in the market.