Growth and expansion are usually the central goals for a startup. Whether it is expanding your product line, introducing a new suite of services, or opening up new locations, the move to push forward can be a trying time for any small business. The strain on capital and the manpower to make organizational growth happen is a challenge that many entrepreneurs never consider. But, these are not reasons to back down from the challenge. Eventually, any business must brave deeper waters in the marketplace. So, organizational growth is an inevitable factor to any sustainable business model. The following are some tips to help you organize your business to make growth happen more naturally for your startup.
Preparation and organization for growth often begins with a planning stage. You have to have some plan on how to proceed before taking the step. Common sense, right? Understanding what your company is really capable of providing to its customer base, developing a complete inventory of company assets, becoming more aware of your niche customers, and reviewing your revenue streams are key aspects of your growth strategy. The more detailed this plan for a growth strategy becomes, the easier it is to see if the path your company is heading down makes good business sense or not. If the plan you have developed exposes errors in your growth strategy, you will be able to use these insights as a map to figure out how to work around these troublesome areas to produce a more successful growth strategy.
It is tempting to hire people who can do a particular skill well. However, look for people who have incredible raw intellect. While you will generally be able to find people who are good at what they do, it is much more difficult to find those rare people who are good at learning how to do things well. Some people are very intuitive and can quickly master just about anything you throw at them. A team full of these individuals will organize and push your business towards rapid growth because they possess the ability to innovate and adapt. You can always try to attract these individuals by offering higher pay and benefits like paid time off and insurance coverage. Installing things like PTO tracking software make such an incentive a well-managed part of your growing business.
Also, in order to facilitate growth, it might be necessary that you let some employees go, as they are holding the team back from progressing. You might want to consider doing some outplacement for individuals who have helped the company get to where it is now. Outplacement assures that those former employees leave the company in good graces and are set up to find a great new job.
There is always some degree of risk associated with a company’s growth. The faster your company grows, the more uncertainty and risk your company will have to face. Learning how to manage your growth rate to stay within an acceptable tolerance of risk is going to require you to study how other businesses have maintained proper organizational growth strategies as well. Their insights and failures can be valuable keys to help you avoid risk you may not be able to see as being a threat to your company’s long-term viability.
You have thought long and hard about your business growth strategy. You are confident your company possesses the individuals with the raw talent and intellect to pull off a reasonable rate of competent company growth that can be sustained over the long-term. You have even calculated the risks and found that your plan does not appear to put your company at risk, provided that you proceed with care. The last step is action. Prove to yourself that your company is ready to take this step to working at a higher level of business.