Business Growing Pains, How to Meet the Challenge.

Although there are many types of businesses, the challenges that growth can bring to each of them is surprisingly consistent. Knowing what these risks are, and facing them head on, can help to ensure ongoing success. Here are the core areas that should be addressed and monitored in order to ensure the health and productivity of your growing business:
Time management

Whether your business is a startup, a relatively new enterprise, or a veteran company, it is important that you clear your daily calendar of clutter that can be easily outsourced or digitized. You will also gain quality time to brainstorm creative, new ideas that can ignite even greater business expansion in the future. 
Review your business’ processes

The processes your business uses to facilitate mandatory functions—payroll, tax administration, employee benefits—and to manage growth—inventory, fulfillment, customer relationship management—obviously become more important as your business moves into expansion mode. 
Give up control

As business starts to expand, the entrepreneur must evolve from a multitasking, jack-of-all-trades mindset into a big-picture leader who inspires his or her team to meet and exceed the organization’s mission. Let your team do what they were hired to do and inspire them to ascend to even greater heights. 
 
Hire smart talent

Hiring the best talent requires a trained professional who will identify skills your ideal candidate must have. Unless such a professional is a part of your team, it is often a good idea to outsource the process to a firm that can fulfill your recruitment requirements.
Keep an eye on cash flow

A few tips that can improve your cash flow include:
  • Projecting your monthly sales and expenses
  • Collecting client payments as soon as possible
  • Paying invoices on the last day they are due
  • Setting up a cash reserve account
  • Learning how to decipher financial statements
  • Reconciling your monthly bank statements
Meet the demands of change successfully 
As your business develops, there is one constant challenge that you will need to confront: the element of change itself. The best way to ensure the continued growth of your business is to approach the demands that change brings from a strategic perspective. Addressing these challenges head on will ensure the health and productivity of your growing business for years to come. 
 
Advertisements
  1. No trackbacks yet.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: