If your small enterprise is expanding fast, your rapid growth can open doors for your business in terms of funding opportunities, and also present you with exciting potential to shape how people perceive your business. Of course, it’s tempting to get carried away with the excitement but it’s well worth getting ready for the uptick in pressure resulting from the sudden increase in demand.
Here are some of the most common obstacles growing businesses face, and some suggestions to help you manage them.
In the early days of running your company, when operations were reasonably manageable and simple, you may have been able to notice trends, see opportunities for improvement and anticipate the effects that your business decisions would have without the aid of computer software or expert advice. But now that your business is becoming more complex, you may benefit from outside support to help you hone your processes and nail down your strategy.
For example, more specialist and effective procurement strategies could be developed with the help of external partners. You may also find Business Intelligence (BI) useful. This is a data-driven system that provides you with powerful insights into the intricacies of your company
Lack of Floor Space
When your business is growing, you will need more space in order to keep up with the growing demand. You will also probably need to hire extra employees to enable you to serve your growing customer base. This means more workspace requirements.
Growing out of your current workspace and production facility can be daunting. Obtaining larger premises can sometimes be a risky venture because longterm leases tie you into time periods that stretch beyond what you can reasonably forecast for your business.
In your first phase of rapid growth, it’s helpful to seek out real estate options that provide the flexibility you require without demanding massive upfront investment. When it comes to industrial space, you might investigate solutions like shipping-container derived temporary structures that allow you to scale your operation at short notice. When it comes to workspace, coworking is a great option, especially if you have plans to expand your business into other cities.
As a small business, you were probably exempt from most of the more tricky regulatory requirements that have come into effect now that your company is taking up more space on the market. The bigger your business gets, the more regulations you have to meet, and more vital it becomes that you meet them.
Trade regulations can feel like a pain, but they exist to protect the market, which is beneficial for us all. However, they demand little extra due diligence on your part than your team is probably used to. This trend will continue as your company gathers momentum, so it’s useful to lay down firm groundwork now, rather than wait until it becomes overwhelming.
Whether you’re ready and reading to face the challenges ahead, or you’re feeling a little nervous, growth can be a massive learning curve for your company. These tips will help you grow without too much stress.
This is a collaborative post*