Once you’ve put in the hard work to get your small company off the ground, your next big challenge is to promote growth, and make your business an industry leader. But how do you manage growth without the growing pains? These tips will help you fine-tune your operations and boost your turn-over.
Get The Right Tools For the Job
Once you’re established, it makes sense to refine every detail of your organisation, from production (if you’re in product manufacture) to marketing and payroll. Get a new website that looks amazing. Start using the best software on the market. These updates may seem like a significant upfront investment, but now that your company is growing, that investment will pay off down the line
Whether it’s CRM software like Salesforce, or a custom cutting tool company for your manufacturing needs, getting the right technology on board makes a lot more sense than making do with what you’ve been using in the growth phase of your business. At first, you would not have been able to splash out on modern machinery, software or marketing insights, but now that you have the extra capital, it’s worth investing in your business to streamline operations.
Invest in Customer Service
For your company to continue hitting the targets you’ve set for your next phase of growth, attracting new customers, and keeping them, is vital. Boosting your customers’ experience means your business is more likely to build a loyal customer base. You’ll also benefit from repeat business, and your customers will be more likely to spread the word about your incredible service. Research has shown that even when a customer is not pleased with a product, their opinion of a company can still be positive overall. Why? If the customer service is beyond expectation, that positive experience can sway their opinion more than the product itself. Seen in this way, the time and money you spend on improving your customer service do double duty as an investment in brand awareness and marketing.
As the head of a small business, the most important attribute to nurture among your staff is vision: the ability to see what your company will be like in the future. Will your company be international one day? What will a global version of your company be like? Is your current company ethos and brand in line with the type of business you want to be in the future? Rather than get hung up on relatively insignificant day-to-day issues, future business leaders spend much of their time and energy looking ahead.
Get Used to Delegating
When you first got your company off the ground, you may have worn many hats! Until you got your first employee onboard, you probably did everything that had to be done, from building your website to ordering office snacks. But as your company grows, your role as the head of the business becomes more crucial than ever. Eventually “Boss” will be the only hat that fits. Between then and now, it’s helpful to decide what the most effective use of your time is. Then, fill the gaps by either employing more staff, reaching out to freelancers or outsourcing to cover the remaining bases.
Whether you’ve been in business for a year, or five, your first real phase of growth can be an exciting and challenging time. These tips will help you step it up a notch.