Gaining Growth: How to Handle Your Rapidly Expanding Company

Brooke Chaplan

March 29, 2016

	Not rated
	Rate:

It's a problem many new entrepreneurs would love to have, but managing a company that is growing at breakneck speed can be the challenge of a lifetime. If you happen to be running a rapidly growing business, we hope for your sake that this is a promising harbinger of your future business prospects. Most seasoned entrepreneurs know full well the challenges one faces when in this situation, and how real and pressing these challenges are. The following are suggestions related to the management of the risks and challenges associated with managing a rapidly growing business and how you can manage them better.

Never Let the Customer Down
Your customers are your business, and you must constantly remind yourself and your staff to remain focused on the customer's experience. When overwhelmed by new business, it is common for staffers to give all their attention to what happens to be in front of them at the moment. Ignoring the needs of earlier customers in favor of booking new business can be a recipe for disaster. Don't let disaster happen to you and make sure you keep loyal customers coming back as well as all the new business.

Manage Cash Flow
Difficulty in financing your rapidly-growing operation is a sign that you need to pay more attention to your cash flow. It can be tempting to consider using debt financing to solve cash flow problems, but debt can bring about problems of another kind. It is probably better to revisit and re-evaluate your accounts receivable policies to find better ways to put your hands on the cash you need. Be sure you are making room for the new growth, and hopefully new income and spending wisely.

Develop a Growth Strategy
Having a strategy that maps out your growth trajectory will empower you by giving you a higher-altitude view of your operation with respect to how realistic your goals are. Taking a step back will enable you to better understand the potential risks and traps you face. Your growth strategy should include a close examination of the resources you rely on to fuel your present rate of growth. Never ignore the impact that future competitors might have on your sales as well. Your plans and strategies should also include emergency response measures for unplanned events such as lawsuits. If you are hit with a legal complaint, have a business litigation attorney from Clearwater try to have it dismissed or settled quickly and efficiently. Finally, your growth strategy needs to take into account certain risk factors such as external events that can influence the demand for your products or services in a negative way. Your ultimate solutions for such problems need to be worked out in your head before they become reality.

The personal development of all who labor to support your cause is at the heart of a healthy enterprise. Personal development brings about wisdom, judgment, and an organizational culture that binds your workers and your company together. When growing rapidly, you may exit the embryonic stage of development before you are naturally ready for this. To survive, you need to put into practice the management techniques that preserve your organizational culture and the fruitful methodologies that you employ. In taking to heart the foregoing ideas and prescriptions, you will give yourself the gifts of prudence, focus, confidence, and success.