Sales are climbing, customers are flocking in and your profit versus loss reports have never looked so pretty but your blood pressure is still skyrocketing too.
You’re wondering why, when business is booming, you’re still battling with 16-hour days, sleepless nights and an overwhelming urge to tear your hair out.
You didn’t have a plan in place to deal with such accelerated growth.
Perhaps you didn’t expect things to take off quite so quickly – and what a fantastic position to be in – but it’s still important to ensure your business is equipped for such eventualities.
How to prepare for rapid growth:
Get to the bottom of it and harness whatever you’re doing right
Well, something is clearly working – pinpoint exactly what that is and then capitalise on it to its full potential.
Once you’ve found your niche; your golden nugget of success, that will be the perfect time to readdress your marketing strategy, your USP, your brand messages and maybe even your business plan going forward.
Taking the time to analyse your success in this methodical way will make it much easier to scale up in the future as the business continues to evolve.
Be ready to reconfigure and recruit
Although you don’t want to think about expanding your workforce prematurely due to the financial implications, we would recommend having a contingency plan in place ready to action.
If your staff are working unsociable hours, showing signs of extreme pressure, missing important deadlines or fighting a losing battle against their to-do lists, it’s probably time to recruit.
If you are measuring your staffing needs but still aren’t sure whether to take the plunge or not, consider enlisting the help of freelancers for a period of time to assess requirement.
This process may also include a shifting around of the current staffing structure so make sure you’ve factored in the cost of any potential promotions too.
Don’t become complacent with your customer service
One of the worst things you can do when you experience accelerated growth is to become complacent and take your foot off the gas.
This includes your approach to customer service and the user experience you create. You might have won over a substantial new audience but the challenge now is to retain them and of course, attract even more.
Get your business bank accounts in a healthy position
With growth and new custom comes an influx of cash – hooray! For this reason, we recommend paying closer attention to your finances to ensure your books are in full working order and all HMRC deadlines are being met.
Consider offloading some responsibility through outsourcing
Now you’re experiencing the taste of success, schedule in some time to thinking about where you could delegate in order to free up more time to dedicate to continued development.
Whether it’s creating blog content, handling your bookkeeping or taking care of your accounting, consider investing some of your hard-earned profit into some external assistance.
If you’d like some more information about any of our professional services, get in touch and speak with one of our qualified and experienced accountants.
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About The Author
We work very closely with our expert accountants to bring you the latest factually correct tax and accounting news. We also enjoy writing about small business news that we hope you find useful!