After creating a successful business, you’ve got to conquer the next stage in entrepreneurship, growth. Growing a business from a successful startup to an effective large organization is a tough challenge. What worked for you in the past may not necessarily be the right choice for your future goals. It’s also not going to happen automatically for your company. You and your staff need to make an effort to expand, similar to how much work you put into the opening of your business. Here are the key factors that help your business grow.
The biggest component of successful growing organizations is effective scalability. This term has to do with your organization’s ability to expand and take on new capabilities. For example, if your company sells a product, ideal scalability would have your business making a transition from selling a few products a day into larger volume orders of the thousands. While a boost in sales like that may sound tempting, if your company doesn’t have the ability to produce large orders, your business could suffer.
The next important part of the puzzle of a business that shows positive growth is capital. It’s vital to have enough cash coming in each month to invest back into the business. This way, your company can improve your capabilities to take on new and larger projects. Many small businesses don’t ever get past stage one of growth because they don’t have enough liquid capital to put back into the business structure.
Customer service is another key piece in your business’ ability to reach a certain level of growth. It’s smart to have a solid customer service philosophy for your company so each employee who works for you is able to deliver top service to all. Your company won’t grow if a few incompetent employees ruin your reputation with your customers. News travels fast, and too many bad reviews from the public could impact your company’s future potential for growth. It’s best to refocus employees who make mistakes and invest into more staff training to stress the importance of the customer.
Your company’s management structure is another big part of making the leap into serious success. Business owners who study a master’s in organizational development at ACU can learn effective strategies to improve a corporate organization. You can develop better leadership strategies and look for ways to recruit great supervisors for your organization. This philosophy can also help you hire better staff and keep them more motivated as your company makes strides toward a higher level of success.
The next focus should be on the quality of your service or product. Without a great selling point, your company won’t be able to expand. Organizations that started with a great product can sometimes turn a small amount of success into a global empire of merchandise. It’s also important to maintain your company’s quality to keep your reputation strong.
Your last thing to consider when going for growth in your company is your overall purpose. Look beyond your profitability and business plan, and think back to why you started the business. Remember what kinds of problems you planned to solve with your new company. Additionally, make a statement about what kind of values your company stands for. This way, you can get a better idea of your vision for your company in the future.
Achieving growth in your company is one of the hardest things to accomplish. If you have a small business and see some potential for turning your venture into a global sensation, you’ll need to do some thinking about what your company has to offer. Finally, be sure to analyze your company’s status with these essentials of expansion.