Successful small businesses have a tendency to grow rapidly. If you’re a business owner who’s never experienced this before, the next steps might seem uncertain.
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New entrepreneurs often ask themselves if they should quickly scale to meet demand or be conservative with their growth.
To help answer this question, here are some strategies for scaling effectively during a “growth spurt” in your business. Follow these tips if you want to scale up sustainably as you experience rapid growth for the first time.
Incorporate predictable human risk into strategic decision-making is the real deal here. Entrepreneurs are typically optimists who are prone to overconfidence. This derails judgment in the critical growth phase.
Seek independent advice and learn from others who have successfully scaled a business. Be comfortable in promoting a new CEO or passing over the reins to a more experienced CEO while you take a different role.
Startups and scale-ups require different skill sets, so having the humility to know your own limitations, even temporarily, can be the best thing for the clients, team, and the business.
An effective strategy for scaling your business is understanding the four intangible capitals. They are customer, social, structural, and human. Understanding the strengths and weaknesses around this for critical capitals will allow the business owner and their team to create effective strategies to mitigate risks and grow rapidly.
Pay extremely close attention to your cash. Growth almost always costs money, and while it also brings in money, the delay between spending and receiving can kill you more quickly than anything else. Based on clients’ experiences, the most effective strategy starts in your mindset.
The shift from being “the worker” in your company to being the CEO of your company. Just like a CEO, create your bench and identify the talent that will help you execute on your agenda and meet your business demands.
Recognize the need to lead your company and rely on your talent to move the dial.
When you are experiencing rapid growth as a small business for the first time, it’s more important than ever to empower your executive team with more decision-making authority.
Provide that core team with the tools, confidence, and goals they need and trust them. When you empower others you enable them to shine. The business leader can now focus on strategy and high-level implementation.
If possible, automating the foundational aspects of the new customer experience can make rapid growth more stable.
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It will effectively “buy time” between payment and delivery where an owner can respond to a surge in sales by hiring or investing into better systems to handle the growth.
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