Every business owner wants to see their company succeed. You’ve taken the time and steps to launch your product and services, so of course, finding ways to watch your dream grow is going to be on your list of company goals. Many new businesses find their first year a tough one when it comes to success, and it can be a nerve-wracking beginning as you sort through your supply and demand.
You may have been prepared to buckle down for a rough year during your launch, but what if the opposite happens? Are you finding your product and services in higher than expected demand? If so, that’s great news…but if you aren’t prepared for the level of growth that’s hitting your company right now, you’re probably feeling some growing pains.
If your business is growing too fast, there are a few things you can do to help ease yourself into managing the new attention your company is getting.
Manage Your Influx of Funds Wisely
New orders and high demand can be thrilling for you and your business. Oftentimes it’s easy to get wrapped up in the moment of watching your business go from a brand new company to a thriving business and it may feel like the success was overnight. Still, even with orders coming in fast, it’s wise to keep your budget in mind. You may not have CFO services in place to help you manage your funds, but there are a few tried and true things you can do to help you keep your cash flow where it needs to be.
- Don’t make huge purchases right away. You may see the influx of cash and want to upgrade your business, but before you make any changes to your storefront or order fancier and more expensive equipment, make sure you are keeping your priorities straight.
- Always pay your vendors. Your vendors keep your business in stock. Don’t lose out on a good working relationship, or worse, lose your contract with a vendor. Make sure funds are being sent to your vendors in a timely manner.
- Make sure you’re keeping track of your finances properly. Is your company moving into a new tax bracket with the rapid growth you’ve received? Make sure you’re taking into account what you’ll need to pay come tax season and put back for it.
- Avoid large bonuses until your business has found its rhythm. You may need the extra cash to help during a down season and rapid growth means you need to review your projected sales and company goals.
Keep Customer Service in Mind
Unexpected rapid growth can mean your business is getting bulk orders that you may be struggling to deliver on time. When you don’t have enough staff to keep up, delayed orders and an overabundance of calls or emails can ensue. If you wait too long to get help, your customers notice and that’s not a good thing.
Bad customer service can ruin brand trust and reliability. Unfortunately, once your customer has a bad experience, they aren’t likely to try your company again and they will spread the word. Don’t wait too long to get help with your overflow of orders.
Expanding your team can have a huge impact on your business and if you choose the right team, you’ll see your customer service improve. But just because you need help doesn’t mean you should hire anyone. Put some special consideration toward the people you bring into your business and above else, if you’re going to have someone on the phone or chatting with customers, make sure they can give friendly help no matter what.
Prioritize Your Tasks Without Panic
There can be an adrenaline rush with an influx in business. Perhaps everything feels like it should be done right away and with urgency, unfortunately, that mindset can tank a booming business. When you operate out of panic and rush, you and your team will make more mistakes. Take time to assess the workload and prioritize how items should be done.
Teach your employees to batch work. Multi-tasking is simply switching from one job duty to the next and back again. It’s inefficient and keeps the brain from getting into an easy workflow. This is where batch working can help your employees. Set aside an amount of time to work on the same type of tasks and work the older to the newest. Then move on to another group of tasks and do the same.
A growing business is exciting but a little overwhelming if it’s happening all at once. You can manage your new business demands with ease if you keep these tips in mind.