Many small businesses have grown throughout the pandemic. The average entrepreneur spends a lot of their time figuring out how to grow their venture, but rarely has a plan for how to handle a sudden uptick in business. Front Signs was one of the businesses that gained a lot of new customers over the past two years. As business owners around the United States invested in new signage to garner more attention from consumers, the amount of revenue this sign company generated increased. They handled their small business growth by embracing the power of both new technology and state-of-the-art machinery.
"We were faced with the challenge of speeding up our signage manufacturing process so that we could cope with the massive increase in orders. Automation tools, techniques, and machinery - like the one we use for channel letters - helped us greatly," say business development representatives at Front Signs.
If your business is starting to grow quickly, navigating the changes that accompany this growth is something you have to learn to do effectively. Here are some tips on how to manage a sharp increase in small business growth.
When first starting a small business, most people will make a list of what their goals are and what the core mission of their new venture is. As the years go by, a lot of things can change about a business. However, if you lose sight of why you started the company in the first place, it can lead you to stray from your original vision.
Regardless of how much your business grows, the core values and mission you established in the beginning should stay consistent. Not only can this help you navigate through growth spurts, it also helps you keep your business on a solid foundation. Consumers also respond better to businesses that stick to their guns and have a defined mission.
In 2020, over 4 million new businesses started in the United States. Starting a business from scratch takes a lot of hard work and persistence. As the fruits of your labor start to materialize, you will need to figure out how to keep your business growing on this upward trajectory. Relying on outdated tools and technology will eventually lead to your business failing. This is why you need to realize the importance of using modern technology when trying to navigate small business growth.
The more customers you get, the more likely it is you will need to hire new employees. If you are using modern technology to run your business, bringing a few remote employees onboard will be easy. With remote employees, you can take care of new customers without having to worry about having them work in a physical office location.
Cloud-based technology, project management software and the use of video chat programs is crucial when trying to hire and manage a remote team. With the help of experienced IT professionals, finding and implementing the right technology for your business will be much easier.
In the early days of a new small business, the owner will usually handle all of the work involved in keeping it functional. But as the business starts to grow, it becomes more difficult to run with limited staff. This is why hiring new employees is so crucial for a growing business. Once you get new employees hired and trained, you need to let go of some responsibilities and delegate tasks to them.
Some business owners have a hard time relinquishing control of running every aspect of their operation. However, making this mistake can lead to important tasks falling through the cracks. Instead of risking the success of your business, it’s important to learn how to properly delegate to your team. Getting familiar with the strengths and weaknesses that your new team members possess can help you choose the right people to delegate certain tasks to.
If your main goal is to keep your business on an upward trajectory, then you need to realize how valuable customer input is. Every business has room to improve, which is why it’s important to determine where the pain points are in your existing processes. The best way to get this information is by reaching out to loyal customers and asking them about their experience with your company. There are a variety of ways to do this, including survey software and in-store feedback opportunities.
Sending follow-up emails after someone has purchased one of your products and services is another great way to get this feedback. With this information, you can figure out how to grow your business even more. Looking for a common thread in this feedback is the best way to anticipate the needs of your client base and give them what they want. If more than a few customers have expressed the need for a new product or service from your company, try to make it happen.
Losing loyal and hard-working employees can get in the way of growth. Hiring replacement employees and training them takes time and money away from your bottom line, which is why you need to try and keep employee turnover low.
Keeping your employees loyal and engaged is no easy task. Meeting with valued team members and asking them for feedback regarding how to improve their work environment is a wise move.
You also need to think about rewarding hard-working employees with pay raises and bonuses. The last thing you want is to lose a valued team member because they don’t feel like they are appreciated. Creating a company culture that revolves around rewarding hard-working employees will also help you attract top talent in your industry. If word gets around that employees working for your business receive great perks, you will have no problem filling open job vacancies with quality candidates.
As a business starts to grow, the need for third-party vendors will also increase. If you want to keep your business growing, then you need third-party vendors that are reliable. Before using a new vendor, you need to find out more about the prices they charge and what type of track record they have. With this information, you can choose the best vendors for your needs.
Achieving your business goals is not easy. However, if you implement these tips, you can keep your business growing for years to come. With hard-working employees and loyal customers, the sky’s the limit on what you can achieve.
