3 Interesting Secrets of Business Growth
As nice it would be, ‘one size fits all’ really doesn’t work when you’re thinking about how your business should grow.
Every company is a little different in terms of what business growth means to them and their response to it.
Should a spike in orders require longer hours? Less priority on other less critical projects? Do you need to bring in new people, either temporary or permanent? Do you need to bring in new equipment, either leased or permanent?
All these answers can vary by the situation, but trying to figure them out can provide good guidance. These hypothetical situations can even be good training exercises if you try to focus on possible business growth scenarios before the orders begin piling up.
When making these plans, consider some of the following items:
Get everyone involved. If only top management is participating in planning, it may not be as thorough if other employees could speculate on ways to ramp up or share their duties. Also, lower-level employees will feel left out and un-needed if they find out that their input is not requested or required in these discussions.
Have different objectives. Set short-term and long-term goals for growth. This could be a general percentage increase over the next five or 10 years, or it could be speculating what skills, labor, and facility needs will be needed in the next year.
Be flexible. Businesses are supposed to be dynamic, but this isn’t always easy when some employees may prefer that things stay the same for awhile. As a possible period of change approaches, owners or managers should emphasize that everyone is feeling disrupted and uncertain but appreciates everyone’s willingness to pitch in.
Focus on doing well. Expansion doesn’t have to mean your company has to increase everything it’s doing, especially the stuff that is considered average or less than average. You could use the opportunity of coming growth to put a lot more emphasis on certain products, services or processes that are unique and have more potential.
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