Most business owners are ecstatic when they begin to see major business growth. It is a positive sign that their business model is successful. However, it does offer its own set of challenges and questions. Here are the ways you can keep up with explosive business growth.
Hire More Staff
One way to deal with increased demand for your services or products is to respond by hiring more staff. You may need to do this if your current staff cannot keep up with the workload. While the hiring process is time-consuming, it is important to relieve pressure on your current employees. Overworked employees are not likely to be happy and you do not want to lose your best employees due to burnout. Be sure to hire additional staff based on personality and suitability for your company.
Move to a Bigger Location
If your original location is no longer large enough to suit your business purposes, it might be time to move. This is especially true if you have hired or need to hire more staff. If you do decide to change locations, plan the move thoroughly. Ensure all necessary tasks are taken care of, from hiring movers to getting your address changed to informing customers.
Tweak Your Marketing Plan
Your marketing plan may have been too successful, if such a thing is possible. If you own a law firm, for example, working with a legal marketing service provider, like The Rainmaker Retreat, can help in adjusting your marketing strategy by perhaps re-targeting it on a different audience. This will keep your name out there to attract the new, quality clients you want to work with.
Fire Some Customers
If you have clients who have been a pain in your side for far too long, now would be a good time to let them go. This is especially true if your relationship with them is not particularly profitable. Problem clients typically consume much more of your staff’s time, and so by cutting a bad client loose your staff can instead focus on the good, profitable and easy to work with clients. This will also free up your employees’ time to better keep up with the workload caused by the growth.
Major business growth can come as a pleasant but unexpected surprise. When it happens, it’s important to manage the growth well because insufficient infrastructure and staffing for growth can cause things to get out of control very quickly. Follow these tips, though, and you will be in good shape.