If your small business is starting to grow, this can be a thrilling time for you and your team. That said, this exciting growth spurt can be a little daunting if you aren’t ready for the extra challenges your business might face in the coming months. More than ever, now is the time to focus. The increase in demand could bring new opportunities, but it’s worth keeping in mind what you’ll need to do to ensure that everything keeps running smoothly.
If you’re starting to feel the strain, here are some of the top challenges facing growing companies, and some of the best ways to avoid the inevitable growing pains
In the startup phase, when your operation was still fairly simple in structure, you were probably able to recognize trends, notice opportunities for enhancement, and make accurate predictions for how your business decisions would impact your future performance. You probably also managed without a tax accountant, specialized payroll software, and managed IT. Now that your business is expanding, it will inevitably grow complexity, and will soon become unwieldy if you attempt to manage everything yourself. Expert advice, outsourcing partners and sophisticated software are lifelines once you realize that you don’t always know how to get the best out of your business. For example, Business Intelligence (BI) is a data-driven technology that can help you make more insightful predictions for future performance. Bringing this technology onboard could not only radically enhance your strategy, but it could free up some of your time and headspace for other aspects of your business.
Piles of Paperwork
As a small business, probably weren’t too concerned with regulatory requirements and other forms of red tape that might have come into effect lately, since your business has started to punch above its weight. The larger your organization gets, the more regulations your business will have to adhere to, and the more vital it becomes that you’re able to demonstrate that you have adequately met them. Whether you’re newly required to meet HR quotas, trade regulations, or tax filing requirements, ensuring that your paperwork is kept up to date can be a daunting task for an inexperienced team. Extra due diligence is par for the course if your business is going to take off, so it’s important to expect these changes and get your team prepared from day one.
Your Team Has Outgrown Your Office
When your organization is expanding, you’ll inevitably outgrow your office. Finding more workspace at short notice can be a challenge, especially if your startup is the new kid on the block, which can make it really hard to convince property landlords to lease to you long-term. In your first serious phase of growth, it’s useful to look into real estate options that offer the flexibility you need to expand your business now, without demanding long-term commitment, or a major financial investment upfront. A coworking space is a fantastic temporary solution—or perhaps not so temporary, if your team takes to the stylish surroundings—until you have the resources to get your own place.
Growth can be a thrilling experience for a new business, but it can also be fraught with challenges. These tips will help you make the most of the opportunities without dropping the ball.