Before a business can ardently pursue growth, it’s necessary to orient or prepare it for the growth phase. Because of the amount of effort involved, these phases cannot last forever. They run their course, and then usually, the accelerated growth curve flattens out for a while until the next big push.
Unless you prepare the business and its people for what’s to come, it’ll be a shock to the system. While not fatal, it likely will make growth harder to achieve or maintain at the desired levels.
Here’s how to begin to orient your business towards growth when it’s not been considered before.
Advise the Employees of the Business Goals
Staff almost always like to be kept informed about what the business is doing and where it’s heading. Whether they’ll be directly involved or not, no one wants to be the last person to know. The same goes for businesses turning specifically towards growth with real intention coupled with deliberate action. Be aware that not everyone will be pleased to hear about the change because, in many cases, they won’t be able to rest on their laurels. The same rhetoric that they’re doing things, “The way they’ve always been done,” even when it makes no sense, won’t fly now.
Not Everyone Will Come Along for the Ride
Some staff will be nearing retirement age and won’t be up for the fight. Taking up a more aggressive, startup mentality to go after new business and pursue growth with far less passivity than perhaps was evident in the past won’t be for them. In which case, offer them a package to smooth their early exit.
For other staff who won’t adapt, learn, or change as the business requires it, it’s sad to say that they’ll need to be replaced with other people who will. Otherwise, they’ll only drag down the morale and possible achievements of everyone else in the office.
Simplify the Operations
It stands to reason that growth shakes many things loose. Deficiencies with the existing customer service procedures, software, and the team may become more apparent when the flood of calls begins coming in following a new product launch.
When it becomes hectic, what you need is to have already tied down any loose ropes on the business ship. In order words, simplify operations and tidy up any loose ends to prevent them from getting in the way when the pressure is really on.
Simplifying means different things, depending on your company. Resolve any outstanding staffing matters, including disputes or problems. Get the supplies that are needed. Fix or replace any technology that isn’t working or won’t go the distance.
Also, check the procedures to improve anything that’s lackluster or won’t scale up well.
Protect the Downside
Protect the downside to avoid a severe loss that could derail a growth phase. Use business insurance to provide the necessary protection but expand beyond the basic coverage.
It can be challenging to know what insurer to use. The Hartford has a good reputation and has been in business for decades. Their range of business insurance policies is extensive and provides the depth and quality that businesses rely upon.
Once your business is prepared for the growth phase, it’s time to put a solid plan into action. Then get ready for the ride of your life.
Photo credits: eOffice