Forbes: Five Ways to Prepare Your Business For High Growth
There will likely come a point in time when your company undergoes changes at an exponential rate and you consider additional resources to continue building your business. Adequately scaling your business and enduring hyper-growth are not obstacles all entrepreneurs may encounter, of course, but if there is potential for momentum to be gained, you don’t want to miss out on the opportunity.
After all, time is of the essence. Financial preparation and standardization will be key to keeping your business afloat.
I’ve been fortunate enough to experience hyper growth from something as small as Lebron James sporting one of my brands (breaking six figures in online sales in just a few days) all the way to increasing production overnight on my craft soda business by 10 times our previous capacity. But scaling wasn’t easy in the beginning; there were plenty of missed opportunities where I didn’t leverage my situation or capture my audience.
In each business experience, there have been a handful of growing pains and I’ve learned that in order to prepare yourself, you need to make sure you are ready on all fronts. Below are some ways to effectively scale and withstand these brisk changes:
Become foolproof. Before customers begin flocking to your gates, ensure things at home are taken care of. Take precautionary measures to guarantee your business is presentable on all fronts, has a strong online presence, and that standard operations are smooth. It is important to have a strong foundation built before a whirlwind of events takes you by surprise. In doing so, you can make sure you do not miss out on lead generation, overall growth and potential marketing opportunities.
Prepare your finances. Managing current expenses while securing additional funding for new resources can be difficult. However, being prepared is extremely important for small businesses, particularly during hyper-growth. A great way to acquire financing apart from investors is through crowdfunding and loans. Securing these investments prior to gaining traction is crucial for your business to survive because you must be able to meet customer demands. How do you expect to meet them if you don’t have the money upfront to deliver whatever it is you are selling?
Hire the right people. Building the right team is crucial for the growth and success of your business as the people you hire can either help or hinder the development of your company. Factor in the amount of time it takes to train someone, their ambition levels, background etc. Keep in mind that while experience is important, are they ready to roll with the punches that come with a business gaining traction at rapid speed? All successful businesses have a common element: people who are 110% dedicated and committed to seeing the company prosper. It is particularly vital to have dependable team members for support during hyper-growth.
Standardize your processes. Regardless of company size, having the proper procedures in place from the get-go will make scalability that much easier. Having the right systems, tools and processes is a surefire way to manage workflow. When business owners disregard process standardization, they struggle to keep up with the ever-changing business environment. In the early stages it might be easy to get by without systems in place, but as time goes on it can have a detrimental effect on your company. If you see your most productive employees struggling to stay afloat under the current processes (or lack thereof), it might be time to step it up.
Stay relevant and deliver. Publicity in any capacity is powerful and the longer you can stay relevant, the better. The longest periods of hyper-growth are likely attributed to good marketing and high customer satisfaction ratings. Even when working on scaling your business, meeting customer demands should remain a top priority.