Growth is critical to continued success in the business world. Those that do not take steps to grow will inevitably fall behind the competition and plateau, which is incredibly dangerous in business. Growth allows you to adapt to a fast-changing world, appeal to a broader audience, make your daily operation more efficient, and compete at a much higher level. Still, as any experienced business owner will tell you, growth can be challenging to oversee and can create several obstacles. With this in mind, here are a few growth tips that will help you to monitor periods of change and transformation so that you can overcome these issues.
One of the first steps to take when it comes to growth is to make sure that the company’s finances are in order and will be able to fund a period of growth. You may need to secure funding, and there is a range of options for this, including:
- Bank loan
- Angel investors
- Venture capitalists
Don’t Fix What Isn’t Broken
It is essential to only focus on areas of the business that require growth and never to tinker with what is successful. Otherwise, you are needlessly jeopardizing your success, and your plans for growth could backfire and set you back. This means that you need to identify areas of the business that can be improved and then to determine the best ways of doing this.
Have Open Communication with Staff
Following on from this, you should have open communication with your team as this will help you to identify what areas of the business require growth and how you can go about doing this. Excellent communication is critical to success in all areas of business. Still, it is vital for growth, which can be challenging and stressful for employees, especially when it changes their job role.
Hire the Right People
If the growth strategy requires recruiting new staff, then you need to take your time with this process to find the right people. It is not a case of simply bringing in employees to plug vacancies and skills gaps – you must also make sure that you are finding people that will be a good fit for your company culture and take the business forward. Another good option to handle an increase in workload without having to recruit (which can be costly and time-consuming) is to outsource work so that you can work to full capacity – although you must still make sure that they are a good fit.
Expect Teething Issues
Whenever you make any changes to the business operation, you will need to expect some teething issues initially and to be patient. It can be challenging to adapt to new ways of working, particularly when there has been a certain way of working for a long time. Being patient, providing helpful feedback, and anticipating these challenges will be critical for overseeing a period of growth.
Goal setting is always worthwhile, but it is a smart tool to use when overseeing periods of growth. You need to set achievable yet challenging individual, team, and business goals, which will keep everyone motivated and moving forward during a challenging period. Goals should always be recognized and celebrated when achieved.
Combine Lean Manufacturing & Kaizen
To successfully oversee periods of growth, you should look to proven business strategies that can help you to manage change. Lean manufacturing is a highly effective concept developed in the mid-20th century. It is still used in various industries as a way of eliminating waste and streamlining. At the same time, Kaizen (good change) focuses on continuous improvement and achieved by making incremental changes over time. Combining these can deliver powerful, long-term results, and you can learn everything that you need with an online course – click here to learn more.
Understand Your Market
You need to keep your target customer in mind when making any kind of strategic business decision. You do not want to alienate your market by making significant changes that take the company in a direction away from your target market. In essence, they are the ones that have helped you to find success so far, so you need to keep this group happy while moving forward.
Keep Core Values in Mind
Leading on from this, you also need to keep your core values in mind when making any strategic decisions. The most successful, trusted, and recognizable brands are the ones that have clear values which they keep in mind at all times and do not scrap when they start to find success.
Keep Those Attached to The Business Informed
If you are undergoing a period of growth, it is a smart idea to keep anyone that is attached to the business up to date and inform them of what to expect going forward. This might include your existing customers, suppliers, contractors, investors, and anyone else that has a vested interest in your brand. In addition to keeping people informed, this is also helpful for maintaining a positive relationship and building trust.
Provide Clear Leadership While Avoiding Micromanaging
As mentioned, growth can be a difficult and challenging period for your team, which is why you need to step up as a leader and provide guidance and support during this time. Although you need to be present and supportive during growth, you also need to make sure that you avoid micromanaging as this can be frustrating for staff while also making your own job much harder. You can do this by taking a step back, allowing the team to make their own decisions within their own roles, and focusing on the big picture while also answering questions, giving positive feedback, and keeping your door open.
All businesses need to take steps forward and to grow as this is how you stay competitive and find greater success, but periods of growth can also be disruptive and challenging to oversee. The above tips should help you to manage a period of growth so that you can enjoy all the benefits and overcome any issues that you and your team might encounter along the way.