Two-thirds of fast growing small businesses fail due to their inability to keep up with rapid growth, many start-ups don’t realise what it takes to have more of demand than they do of supply. Due to this imbalance, new managers find themselves struggling to balance existing jobs they had, with new ones attributed to the success of their product or brand. At first, hearing growth as something that could potentially be negative, is just about laughable, but it is a real world scenario that affects businesses of today, every day, and it’s important to recognise and plan for just in case.
Care about the Customers … Always
If there is an un-forecasted amount of customers that appear either in store or online, this can potentially back lash due to businesses having to turn customers away, which in some scenarios may cause them to not come back when there is stock. Depending on the customer and the type of product, Consumers may not want to wait, in some cases they will just go to your main competitor; which is pretty much the worst case scenario for any of us. While companies expand and grow, to maintain a focus on “what the consumer wants” is essential in keeping them. It will become tempting to become distracted in the inner workings of the business as it changes and as roles become more diverse. Consumers will realise that they perhaps aren’t being as well looked after as they could be, they will also begin to perhaps, neglect their previous loyalty and consider alternatives.
Hire for the Future Not for the Present
Maintaining and developing the team, environment and culture that your business has worked had to make is essential. Hiring new staff under the pump can cause for some failure, your time constraints may make you short-sighted or needy. By this, I mean that if your hiring for “now” instead of “forever” applications may be selected that may not be the best fit for the business. Selecting potential candidates may become a large issue due to the time it takes to read applications, call, interview and then to train them after the fact. In the circumstances that the wrong applicant is appointed the role in a rush, He or she may contradict what the business reflects and do more harm than good. Also, the costs involved with hiring, training and re-hiring are astronomical with regards to not just money but time; time that could be used on literally anything else. These reasons and more exemplify why choosing the right person for the job the first time can be the pivotal point in whether you will succeed or not.
Communication or Lack There Of
Some managers find it difficult to effectively communicate roles and tasks, even the ones who deny it sometimes may miscommunicate some things, and for many of us, we have been on the receiving end. This scenario is magnified when pressure to do with time and responsibility is added on both parts of employers and employees. Maintaining a steady and constant flow of communication is integral for the inner workings of businesses to develop and maintain the business as a whole. Benefits range from a growing productive space all the way to, a strong diverse overall environment.
Understanding some of these key elements should enable you as a small business owner to maintain and control growth for the long term. Appreciating customers and controlling main managerial roles will set up your business for the present as well as the future effectively.