An Entrepreneur's Guide to Keeping Up with Business Growth

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An Entrepreneur's Guide to Keeping Up with Business Growth

Jan 27, 2023
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There isn’t an entrepreneur out there that doesn’t dream of long-term success. You want your business to grow, your profits to reflect that, and your team to get better and better each year. But the question is, are you truly prepared for business evolution?

If you aren’t, your success will absolutely be short-lived. However, if you have measures in place and do things that help you manage growth, flourishing long-term will result. Here’s your guide to handling business growth effectively.

Maximize Your Space

When your business starts growing, you might find that the building you’re working out of isn’t big or efficient enough anymore. You need more space for additional products, a bigger team, machinery, and an overall more effective operation.

If the above proves true, it may be time to renovate and update your interior design. You don’t necessarily have to look for a new office or warehouse. Instead, see what you can do with the space you already have.

For example, you could knock down a wall to create a more open floor plan for your team. Or you can declutter a room and use it for more computers or machinery. You could also improve your interior design for better productivity by adding storage, ergonomic furniture, natural lighting, and inspiring artwork.

Focus on Customer Retention

According to Truelist, “20% of customers of a given company are the source of 80% of the company’s profits.” Not only that, but loyal customers are also willing to spend more than new customers. They go on to say, “Loyal customers spend 67% more than new clients.”

In analyzing statistics like these, you can see how important it is to cater to your loyal customers and focus on retaining them. Consider designing a loyalty program to keep customers with you. Create marketing campaigns that target returning customers. Host events that celebrate their loyalty and help you deepen customer relationships.

Implement Better Security Measures 

The more successful your business becomes, the more appealing it is to cyber thieves, criminals, and scammers. They’ll jump at the opportunity to hijack your website, acquire confidential information, or steal anything valuable in your business for financial gain.

You must ensure your security measures are up to par. Start with cybersecurity. Fix any IT issues you’re having. Implement network security solutions such as:

  • Threat intelligence and rapid response capabilities;
  • Automated baseline scanning tools;
  • Comprehensive payment card industry (PCI) solutions;
  • Identity and access management;
  • Secure VPN and Wifi options;
  • Antivirus and malware protection.

These solutions may not be able to protect you from ever experiencing a security breach. However, they can reduce how many times you have to deal with a security incident.

Stay On Top of Your Finances

With business growth comes more profits but also more costs. To keep growing, you’ve got to know your finances inside and out. This means understanding:

  • Tax information;
  • Investment opportunities;
  • Your current income and expenses;
  • Whether your costs have increased or not;
  • Your risk of financial fraud and how to prevent it;
  • How to keep those costs in check if they have increased;
  • How to forecast your financial future;
  • Ways to increase your profits;
  • What financial tools to implement to keep your finances organized.

Although this list may seem like a lot at first, staying on top of all things financial will ensure your business never stops evolving.

Build a Better Team

You may have had to get your business to the point it’s at now by yourself. Or, maybe you had a couple of employees, and you’ve all had to wear multiple hats to get things up and running. But things can’t remain this way if you want to keep up with business growth.

It’s time to build a fuller, better team. Not having to do everything will take a lot of pressure off you. You’ll also be able to utilize your team’s strengths better. Simply having a highly talented person leading every department will facilitate growth and boost your business.

Analyze where your team is right now. Who do you have, and what are their strengths? Where could you use more people? What kind of people and skillsets do you need to continue elevating your operations, processes, and systems?

Once you figure out who you need and for what, start recruiting and hiring. Create detailed job postings that will attract top candidates and put them in the right places, like social media or job search engines. Ask your current employees to recommend great fits too.

Also, be sure your interviewing process helps you identify the best candidates and lean on your team’s perspective before making final decisions.

Take Care of Yourself

Many entrepreneurs focus solely on their business practices and team when it’s time to address and manage business growth. Of course, this is necessary, but so is taking care of yourself as the owner.

If you aren’t well, there’s no way you can keep up with your business’s expansion. On the contrary, when your physical, mental, and emotional health is intact, you can bring your best to your business daily and lead your team better, enabling your business to keep growing.

Create a solid work-life balance to maintain your holistic health. This could look like:

  • Managing your time better;
  • Making long days few and far between;
  • Making time for yourself and your loved ones;
  • Delegating tasks to high-performing employees;
  • Taking vacations, mental health days, and resting when you’re sick.

Taking care of yourself will ensure you’re emotionally, physically, and mentally able to manage a growing business.

Final Thoughts

All entrepreneurs are looking forward to a growing business. But if you aren’t prepared to manage that growth, the excitement of evolving will wear off and you’ll quickly become overwhelmed with all that comes with it. Adopt the practices above, and you can relish in your success rather than be taken down by it.

Meet The Author:


lukesmith

Luke Smith

Luke Smith is a writer and researcher turned blogger.

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Courtesy of NASE.org
https://www.nase.org/business-help/self-made-nase-blog/self-made/2023/01/27/an-entrepreneur's-guide-to-keeping-up-with-business-growth