So, you’ve put in the work, money, and time into your startup. And now, it’s recording monumental growth. That’s great news. However, you’ve got to understand, with great growth comes even more responsibility. You have to make provisions for managing all that growth, or you’ll end up with very short-lived success. That may sound counterintuitive, but unbridled success can tank your business before you can even see it coming.
With that in mind, you need to lay down the groundwork to accommodate all the fruits of your hard work properly. So, here are a few tips to keep everything in check while your business moves to a whole new level.
1. Protect Your Business
The truth is that there’s no successful business venture without risks. That’s both the beauty and downside of running a business. But once you start recording monumental growth, it’s as if there’s a giant beacon attracting disaster in the direction of your business. So, rather than being caught unawares by a disaster or crisis, keep your business early on. The first thing to do is to cover yourself in terms of insurance because you stand to lose a lot more if there’s any area of your business left uncovered.
You see, you’re probably going to buy new equipment, software, products, services, and so much more. So, look for a business insurance plan that can cover all of that. It seems so on the nose, right? However, you’d be surprised at how many people overlook this step when the growth spurt hits.
Another smart way to protect your business is by keeping sensitive information locked away in a smart drive. You can purchase USB flash drive in bulk to ensure you never run out of disk space. For this, it’s best to seek out trusted sites like Everything But Stromboli. They accept both business and personal orders for a wide range of USB sticks. Besides custom flash drives and bulk USB drives, they also offer other forms of memory storage devices. The company is also quite rooted in the culture of giving back, and as such, they donate a sizable chunk of their revenue to Compassion International.
2. Improve Teamwork
A company is only as good as its employees. So, if you want to keep that growth moving in an upwards trajectory, you need to make it a point of duty to make work a bit easier for your staff. One way to do this is to integrate a good OKR solution to align each member on delivering results.
Even better, when using OKR for Microsoft Teams, it’s the best of both worlds. That’s when an enterprise-level software platform like Workboard. This software comes built with state of the art tools, reinforced information security controls, as well as a collaborative platform. What’s more, the software makes information more accessible to both in-house and distributed teams. You can also measure results effectively, liaise for results, collaborate online, and even integrate with existing systems and applications.
3. Get a Private IP Address
As your company grows, you’ll have more reason to protect your online information and offer employees some privacy as they carry out their tasks. The thing is, it’s not that easy to get a clean IPv4 block and most people end up going for IPv6 addresses. But if you’re team IPv4, then you need to get yourself an IPv4 broker.
With that in mind, companies like the Brander Group can help. They’ve designed a great platform where users can buy and sell IPv4 addresses located in ARIN, APNIC, and RIPE. No doubt, this is a safe and easy avenue for individuals and organizations to get a viable Ipv4 address block. Furthermore, they offer assistance in address research, IPv4 support, and secure payments. Even more, they skip the entire process of auctioning blocks and rather sell them at fixed and competitive prices.
4. Don’t Slack On Customer Service
Once the big bucks start rolling in, it’s easy to think that you’ve cracked the code for business success. The thing is, consumer behavior is sporadic at most. Once the right factors come into play, they change drastically. So, you need to constantly listen to what your customers have to say through various feedback channels.
Also, take a more hands-on approach to get feedback, both good and bad; after all, they pay good money for your services. It could be through social media, surveys, emails, or reviews, but you have to keep your eyes and ears open to the needs of your target market. In a nutshell, simply ensure that you connect with them for the good of your business.
5. Be Open to Change
You’ve probably heard it all before—the only thing that’s constant in life is change. Well, it’s no joke. You’re not going to drive more profits and growth if you remain stuck in your ways. A great way to go about this is to test out different strategies and methods. Also, it’s important to keep in mind that change is a painful process. Not only will it be uncomfortable for you, but your employees may also feel a bit off.
This is the time to really step into the leadership role and take charge. Don’t breathe down people’s necks more than you inspire them to embrace the new reality ahead of you all.
6. Hire the Right Staff
As your company grows, you need the right people by your side to really drive it home. As mentioned earlier, a company is only as good as its employees. So, you can’t expect to get very far with people who don’t share your vision. Even though you’re the boss, it’s best to onboard people that are highly competent in their given fields so you can concentrate on the overall running of your company.
Read More: Custom CRM Development as a Business Growth Solution
That’s not all. Besides hiring fresh view faces, you need to take a closer look at the employees you already have. Gauge what they can handle and decide if they need a helping hand or some extra training. It’s all part of ensuring that you keep soaring with the same momentum that landed you that growth spurt.
7. Invest in Your Business
Sure, you have a little more money to throw around than you did in the beginning. However, this isn’t the time to splurge on personal matters. As tempting as it is, that attitude will have you back to square one before you know what’s going on. Try as much as possible to invest most of what you earn back into the business.
The thing is, those first few years will have you dealing with a pretty lean profit margin but don’t get tempted. As you continually reinvest in your business, it’ll simultaneously drive your growth rate higher. So, don’t dip your hand in the cookie jar too early on in the game. It’ll do you worlds of good.
8. Make Smart Financial Decisions
Just because the money is pouring in doesn’t mean you should splurge it all on things you think your business needs. No doubt, as your business expands, you’ll garner more expenses and responsibilities along the way. So, it would help if you looked for ways to manage your finances. We aren’t just talking about refinancing a loan or balancing your books. You need to be smart with day-to-day purchases.
