The No. 1 thing people should know about business growth is that one size never fits all.
Every business team has different ideas of what size they want to grow to and how to get there. Is there a certain financial figure to achieve? Is there a certain amount of sales? A certain number of accounts or number of employees? Square footage in a building?
Figuring out this objective can also be a decision made by the whole company, or it can be done by top managers with consultation from their financial advisors.
Business growth can also be something dynamic, where once one milepost is met, another goal can be set, or a previous goal can be adjusted if conditions change. It also can have multiple mileposts going on as the company progresses.
It’s also something that should be positive, since you’re talking about opportunities to keep growing, something exciting that everyone wants.
Try these strategies to improve your focus on business growth.
Come up with a good reason. Wanting to grow “just because you’re supposed to” is vague and could lead to uncertain motivations for your staff to put in the effort to get there. But finding a specific justification for the extra hustle can help, such as “we want to be a market leader” or “we want to be the expert in our community” or “we want to get X contract.”
Look at your systems. Business growth can affect all your company’s processes, so planning for growth can involve figuring out how your workflow can handle things like increased orders. Does this mean more people involved in order taking, order processing or order mailing? Is your equipment and storage up to the challenge of increasing inventory or faster response?
Prepare everyone for change. Making adjustments to established processes can be challenging, including new procedures, new employees and perhaps even new facilities. Employees can be reassured that everyone is all part of the same situation as the company expands so will share some of the same stresses.
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