Even the most experienced entrepreneurs understand the challenges of a growing business and ensure they can maintain the momentum they have generated in the first few years of the company’s existence. What is more important is the in-between phase where your business is on the verge of becoming bigger and better.
But, if you’ve never encountered growth of this scale before, there are several uncertainties that you might possess. Failing to understand and plan for such uncertainties could cause a ripple effect through your business and make it difficult to manage the growth that is bubbling beneath the surface.
So what can you do if your business is on the cusp of becoming the next big thing in your industry? Here are ten effective and successful ways to expertly balance the in-between phase of business growth.
Excellent customer service is one of the most effective ways to encourage repeat purchases and generate customer loyalty within your business. However, when your business is going through a growth period, you may not be able to dedicate enough time to your customer service efforts.
This is one of the worst things you can do, though. You cannot abandon your dedication to providing exceptional customer service just because other things are going on within your business. It is essential to master the art of multitasking, and treating your customers the same way.
You can give your business some breathing room by being transparent about what your company is going through in this in-between phase. While this is no excuse for ignoring customers altogether, it will help customers understand why the service is not as efficient.
If you are moving offices or adjusting the number of supplies or services you offer, you must inform your suppliers and clients so they can prepare their stock or orders for the appropriate time. It is no use making these requests the day before you need them, as this could put a dent in your growth and force you to miss client orders.
Informing them about any moves will also ensure they are aware of your current location. If they need to deliver items or arrange meetings, your new office should be highlighted. The most effective way to do this is to include information about your mover on emails and promotional materials.
At the very least, this will give you a leg to stand on should any suppliers or clients ignore the changes, but you should still try to rectify any mistakes and misunderstandings.
Your business may not be prepared to move all equipment and furniture from one office to the next, and you do not want your office to be cluttered, as this can make the area look unprofessional and be a distraction. While preparing for growth, though, you will need somewhere to store items that don’t have a home yet.
You can use self-storage services or PVC Buildings that are ideal for short-term storage and allow your business to keep everything safe and secure.
Once your new office is open for access, you and your team can gradually move the essentials over and get everything set up. This should include the office floor plan, systems, cabling and connections, and any meeting or welcoming areas for clients when they visit.
Growth often comes with greater responsibilities for employees within your business. You cannot expect them to be comfortable in their new role without any training, and failing to provide this training could seriously affect your business.
Therefore, you should take the time to train the right people for new responsibilities. If you have offered management training programs, give them the advice and support they need to begin their new role as soon as possible.
You may need to bring in new employees to help with the growth, whether these are entry-level positions or if you bring in experienced senior employees to help you manage the growth and transition more efficiently. As beneficial as promoting from within can be for a business, you sometimes require external recruitment to help steady the ship or provide an immediate impact.
There is nothing wrong with making a significant deal about your growth, so don’t hesitate to prepare and design relaunch materials in the in-between phase. Not only will this demonstrate that your business is taking the next step, but it will also generate hype and interest around the company, which could be crucial for attracting new customers, or even bringing old customers back to the business.
These relaunch materials can include email promotions, video content, or blog posts that highlight the change your company is going through. Highlight what you were and what you are becoming, and make sure to detail when the relaunch occurs.
The more excited you and your team are about the change and growth, the more excited your customers will be, and this will give you a strong second-first-day result that ensures success.
You want your improved business to have a fresh start, and this should also apply to the content you produce, as well as any old content. Auditing your website blog and checking on previous posts allows you to find broken links or duplicate content that can affect the SEO ranking and make your content less valuable.
As your business may have evolved even before your growth period, this is your chance to align the content with your new image. You can rewrite blog posts to better suit your knowledge and even your business voice, as this makes it undeniably yours.
Your in-house team can do this for you, but if there is a lot of content to rewrite, outsourcing the work to freelancers is an effective - and often more affordable - solution. However, if you want to ensure they maintain your company image, create a detailed brief that highlights tone of voice and other essentials.
More clients mean you may need to use more sophisticated technology and programs for effectively managing new orders and an increased customer list. However, before making them live, you must test them to make sure they can handle the demand. This is a critical test of growth in the in-between phase of business growth.
Carrying out several test runs prior to launching your business will give you the confidence you need that everything works. Furthermore, it enables employees to get to grips with the system, especially if it is something they have never used before.
While you will not be able to learn everything, as many issues can be unique to the client, you will at least learn the basics. This allows you to quickly overcome any problems and maintain efficiency without the risk of upsetting the client.
If you want to revolutionize your appeal and announce that the old business is gone for good, you can always consider updating your image. Many companies do this as a way to keep up with the current trends, which is why you often see logos evolve from detailed to minimalist and even back to detailed depending on what’s popular across the industry.
While anticipating growth and expecting your company to take the next step, ask whether updating your image could be useful for your company. If you want to appeal to a new customer base, this could be ideal. It can also be effective if trying to shed the image of being outdated, which has been hurting your profits.
No business will survive a growth period without having its finances in order. As much as you forecast the possibility of earning more, you may need to spend more. So, if your business finances are not equipped to handle such expenses, there’s a strong chance that your business will not survive for long.
Speak to your accountant and look at ways to streamline your business expenses. You might come across an array of expenses that you forgot about, such as subscriptions or payments that you cannot trace.
If you want to ensure better financial efficiency, get rid of these payments as soon as possible, as this will give you more to work with when deciding on your next move.
It is tempting to consider everything your business can achieve now that you have made it to the next level. However, this is an attitude that can trip up even the most careful entrepreneurs when in reality you are in an in-between phase.
As exciting as growth can be, you shouldn't get ahead of yourself. You will have more clients to work with, you will also obtain more funds, but this does not mean you should waste them on treating yourself or even your employees.
If you want assured stability, put the earnings back into the business to help you thrive without making obscene expenses that put the company in jeopardy.
Knowing how to manage your growing business is not a skill that every entrepreneur or manager possesses, and this is where many fail to take advantage of the opportunities before them. Right before your company takes its profits and service to the next level, you must make sure you know how to carefully and professionally navigate that delicate in-between phase. There are plenty of issues to consider, so identify the most important elements and be sure to prioritize.