October 2019 Newsletter
Managing expansion for successful business growth
Growth is generally good for any small business, but it can be definitely be great for a business that knows how to manage it properly.
With growth, comes changes. With changes comes extra work and responsibilities. To grow successfully, it is important to put into place the right strategies and mindset to facilitate positive outcomes.
When expanding a small business, there are quite a few significant aspects to consider and anticipate. Some key areas or challenges are finances, culture, leadership and internal operations.
Here are the four key factors to consider for business growth:
As a small business grow, profit increases and more clients or customers need to be serviced. Generally, so do expenses. This change will require the business to invest more into resources, for example, hiring and paying new employees, moving into bigger spaces and buying more stock. During growth period, monitoring of business finances is critical. Consider adopting an automated finance platform that can manage various costs, process payment data, and develop comprehensive finance reports for periodical budget revision.
When hiring new employees, it is not all about the new but also about the old. Establish a corporate culture and keep it front of mind to further drive healthy growth. Growth can be overwhelming but never stop showing appreciation and recognition to employees who perform.
With more employees onboard, leadership is essential. Consider splitting up departments to outline different responsibilities. Each department should have a leader to manage their team and report back to the management team. A chain of command can reduce pressure for the management team, increase operational efficiencies and a clear line of communications for all.
4. Internal Operations
Automated technologies might be required to increase efficiencies to cope with and manage growth. For instance, the time an employee uses to process data entry could be directed to more important tasks that actively fuel business growth. A growing business might also need remote access to documents and information on their devices. Technology plays an integral role in ensuring internal job tasks and operational changes are seamless and beneficial.