The Hardest Parts Of Growing Your Business
We all dream of growing a company hard and fast, turning what we always dreamed about into a steadfast reality. The problem is, while growth sounds great, it has a ton of problems. In the same way half of all startups fail to make it past the five-year mark, most companies hoping to transition from small to bigger fail to do so and for a myriad of reasons.
So, without further ado, here are the six major challenges you’ll be faced with when trying to grow your company.
- Improve Your Sales Operation. All Of It.
When you’re hoping for rapid growth, you need to look at your entire sales operation. You’re going to need more salespeople, more products to sell and more sales channels to ensure you get to what has to be an expanding target audience. The problem is refining your process to account for the different sales cycles.
- Products That Can Scale
In order to grow your business, you are going to have to produce and ship more products, and that means developing a product that can scale quickly to meet the new customer demands. Making and shipping a handful of products to meet the needs of a few hundred users is incredibly different to looking after hundreds of thousands of customers. What’s more, you’ll want to do this before you get underway. Like Noah, get sorted before the rain.
- Hire Right And Hire At The Right Time
One of the most common moves to make is hiring quickly to meet the sudden increase in demand, but this temptation can cause problems sooner rather than later. Instead of hiring too many people too fast, focus on the quality of the talent and the cultural fit, especially when looking to fill critical positions. The best thing you can do to hire right in this circumstance is handing the responsibility over to your managers and hold them accountable for the success. They should know what and who they need better than anyone else. Remember this.
- Be Aware Of Your Weak Spots
When you grow your business, you are opening yourself up to a lot more issues. There’s more of you to target and that is why you need to make sure you have pulled on the chainmail as much as possible. First things first, you need to inquire about corporate law services to ensure that you don’t fall on to the wrong side of the law while focusing on your growth. But that’s just the start of it. The other area you may need to up your personal security is your finances and that means having an accountancy wing that can manage your books, meet your tax demands, stay on top of payroll and keep you in the red.
- Perfect Your More Important Processes
When you are starting out, innovation is the secret to success. When you are pushing for rapid growth, you need to focus on repeatability and incremental improvement. This means knowing how to re-use earlier products in your newer systems and platforms.
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