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How to Manage a Growing Business

Entrepreneurs managing growing business

When a business takes off, it typically takes off seemingly overnight, leaving little room for growth planning. This can make some business owners feel like they’re flying by the seat of their pants. The trick to creating manageable growth is always having a plan in place for rapid growth—just in case. This way, the business is more prepared if the growth does occur unexpectedly. Here is a guide on how to manage a growing business for business owners.

Keep your employees happy

Employees are key to a smoothly running company. With the influx of work that inevitably comes with a business’s rapid growth, employees tend to become dissatisfied with their continuously increasing workloads, and employee turnover rates can skyrocket. During a period of extreme growth, companies can’t afford to lose their best-trained people. To cut down on employee burden, keep communications open, listen to their concerns, and address the large issues right away. Another way to keep employees happy is by hiring more employees before you absolutely need them. For example, if you need two new customer service representatives in two months, don’t wait two months to hire them. Hire right away to allow time for training—there’s nothing worse than forcing long-term employees to train newbies during a time when the workload is already unmanageable.

Check your budgets and finances

Make sure you have enough money in your yearly budget to manage your company’s growth. Factor in if you need to expand your business space, as this can get expensive. Moving an office into a larger space is a big job, so take any moving and packing tips for businesses you can get. Try to save money in moves and expansions, but don’t cut corners. If you can’t afford your rapid growth, then do your best to slow down business while you get your finances in order or apply for a reasonable business loan.

Keep your customers happy

You need customers to stay open. Even if you’re not a consumer-facing business, you still have customers or clients that need to stay happy to keep your doors (or website) open. Make sure your customer service consistently meets or exceeds your regular standards. Don’t let your business’s service quality slip as more and more customers sign on to do business with you. One bad review can make a lasting dent on your growth.

The main point to remember is that manageable growth is possible, but it’s a tricky feat. Revisit your business goals and objectives every month to keep yourself focused and ensure your company is on track. This will help you avoid being defeated by unmanageable growth.