Many small business owners seek to grow their business more quickly and achieve increased profits while other businesses are already growing rapidly and want to manage and control that growth. Here are my six top tips for managing a rapidly growing business:
1. If you look after people, they look after you – This is true for both staff and customers. Happy, motivated staff is the biggest asset in any company and especially one that is growing rapidly. If your staff are passionate and care about what they do, then your customers will be looked after properly and stay loyal to your services.
2. Delegation is key – Rapidly growing businesses need constant direction to keep on track and to make sure that the original ethos and values you set out with don’t get lost. Delegate tasks that can be managed by others so that you free up your time to stand at the helm and direct.
3. Be more selective with clients – Learn to turn away business that that you feel does not reflect your brand values, or price!
4. Increase your prices – in regular intervals. Be brave! Value your worth.
5. Watch your cash flow – Poor cash flow management is the main reason many new businesses (and established ones) fail. It seems obvious, but if you are offering better credit terms to your clients than you get with your suppliers, your cash will dry up leaving you with no contingency should a client fail to pay or you need to increase an order with a supplier. Ideally strive to keep at least 3 months operating costs in cash (and move it to a savings account).
6. Bang a big drum – Shout to all about your success. Let everyone know, competitors and customers alike how well things are going. Customers like to know that they are dealing with stable and successful companies.
