1. Managing Company Growth
Your success can be attributed to the small team of employees that took your startup to the next level. The challenge now is finding the right people to continue your trajectory. Take your time hiring new people rather than rushing to fill positions. Hiring the wrong people can cost you more than you know. The US Department of Labor estimates that hiring the wrong person can cost as much as 30 percent of that employee’s earnings in their first year. While replacing staff members is somewhat quantifiable, their impact on morale and productivity is more difficult to determine.
2. Staying Relevant
Managing company growth by doing regular market studies should be a priority. Market studies are common when businesses start out so they can properly position themselves in the market and fill a niche. As you grow, conduct studies so you understand how the market is changing and find opportunities for growth that will ensure success.
3. Keeping Tabs
As your team grows, you’ll want to keep tabs on who has access to your building. Keeping your assets and people safe should be a priority as you plan and design access control measures that grow with your company. Invest in systems that will future-proof your office by using smart devices so you don’t have the vulnerability of on-premises systems or the investment in servers and software.
Smart systems allow employees to download an app that facilitates hands-free access. They can use any device they feel comfortable with such as smart phones, FOBs, smart watches or key cards. You can grant or restrict access to anyone from anywhere in the world while keeping a real-time digital log of the movement of people and assets.
4. Starting A Training Program
With company growth, employees will need training to keep up with evolving market needs and marketing requirements. Training takes time and money and you may be pressed for both as your company expands, but the cost of poorly trained staff, mistakes and poor customer service is far greater. Studies show that an investment of $1,500 in training results in an average increase in profit of 24 percent.
5. Keeping Cash Flow
Bolster your accounts receivable department so you keep up with cash flow. If investments to get the company up and running and rapid growth have you living on credit, you may run into trouble down the road. Focusing on getting accounts paid before you grow too big can help keep you afloat.
6. Keeping Customers Happy
It’s tempting to focus on the sales and grow with demand, but losing touch with your customers is lethal. Keep the lines of communication open for both new and old customers. Make it easy for them to contact you and excel at solving their problems.
7. Streamlining Processes
Your original workflow was set up to deal with the team and customer base you started with. As your company grows, you need to constantly update these processes to adapt to higher volumes and new employees. Security access control can help monitor the movement of assets and people, but you will have to periodically update your processes too.
8. Promoting the Right People
You may be tempted to promote employees who have worked with you the longest. Promoting someone beyond their skill level will lead to poor leadership and dissatisfied employees. Train employees for leadership roles and keep the lines of communication open.
9. Providing Office Space
Your office needs to keep up with each stage of company growth. If you are in a facility with limited space, consider moving before you expand. Employees need to have the right equipment to do their jobs and the space to make them feel happy at work. Repetitive stress injuries may be the result of working in close quarters or with outdated equipment. Updating your office’s access control is another option to accommodate flexible work hours, without sacrificing safety.
10. Planning for the Future
Are you making snap operational decisions to cope with overwhelming volumes? If you are constantly in crisis mode, you need to take some time to get ahead of the curve. Making snap decisions to solve a temporary need is short-sighted. You’ll only get further behind and waste money on short-term solutions. Plan your business’s next step now, invest in the equipment, training and employees you’ll need to get there and then level up. No longer will you need to refuse large orders or new business that you aren’t ready for.