Startups face all kinds of challenges, some so all-encompassing that it makes it impossible for the business to succeed and they end up failing pretty early on. But then there are those that through careful planning, hard work, and a lot of smart choices manage to carve a place for themselves and not only succeed but start to grow. If your startup is in a position where growth is now needed to keep up with customer demand, there are some tips worth considering. You want to be sure that you’re going about growth in a careful and measured way so your trajectory of success remains unchanged.
Hire the Right Staff for the Job
The first tip for successful growth is to position the company well in terms of people power. While you may have been okay running the business by yourself in the beginning, now is the time to hire staff. But don’t rush in, as you want to be sure you’re hiring the right people for the job. What do they bring to the table? Experience, training, knowledge, and the desire to work hard and succeed are the kind of traits you’ll want to search for.
If you’re having a hard time finding the right staff, it can be beneficial to get involved on various business networking job sites and forums, the most popular being LinkedIn.
Have a Solid Financial Plan for Expansion
While the goal of expansion is for the business to sell more products or services so the profits grow, you’re not going to get there overnight. There will be an investment required on your part to grow the company. It could mean investing in additional tools, equipment, materials, and so forth. So what’s the plan? How will you finance the expansion? There are various options available to businesses such as small business loans, a business line of credit, bringing in partners and investors, crowdfunding, etc.
Your IT Systems and Solutions Will Also Need to Change
It’s also important you look at logistics and in this case, that means the IT systems and solutions you’re currently using. The software that may have cut it as a small start-up likely won’t fit your needs as the business grows. If you’re still relying on the same programs, you are likely hindering productivity and growth.
Gallatin IT Company offers consulting and migration when it comes to Microsoft 365, which is exactly the kind of thing that businesses need as they grow. Speaking to a professional consulting company means you can discuss your needs and where things stand today, and the consultancy can come back to you with a customized plan.
Don’t Let the Established Revenue Sources Go Ignored
A big mistake business owners can make during a period of growth is to ignore or forget about the established revenue sources. Remember, these sources pay the bills and you can’t afford to lose them. They are often seen as the “bread and butter” of the business, so ensure that resources are still being directed to these revenue streams.
Customer Service Shouldn’t Suffer
This leads to customer service, which is important regardless of the size of the business or the industry it is in. If you’re not delivering a positive customer experience each time, you’re going to have a difficult, if not impossible, time building a loyal customer base. It’s easy to get distracted during expansion, but customer service should be prioritized at all times.
Growing your small startup is very exciting but also a process you don’t want to enter into lightly. There needs to be careful planning at all levels and these tips will help you do just that.
Jeena Alfredo is a passionate digital marketer at The Business Goals. She is working with other companies to help them manage the relationship with The Business Goals for the publications.