Business growth is a two-sided coin: it’s great because your company is doing well and customers obviously love (and need) what you’re doing. On the other hand, rapid business growth is often unexpected. It can cause employers to get so caught up in the excitement that little things are overlooked. It’s tough to keep up with a growing business, especially when the goal is to keep up that momentum and continue growth in the next quarter. Here are a few things to watch for this quarter while your company is still growing:
When companies grow, customers don’t always benefit. Frequently growing pains cause companies to focus too heavily on internal processes, billing and the sheer logistics of expansion. Sometimes companies will choose to move to a new location that can accommodate more staff, which causes upheaval as well. Be sure to acknowledge upcoming changes that accompany growth and keep customers in the loop so they aren’t surprised later. Try to keep as much of the customer experience continuous as possible.
Founder of Callis Communications Dean Parker believes “the top challenge faced by fast-growing companies is balancing the use of capital with hiring the right talent at the right time. It is a balancing act that an entrepreneur must get right in order to build a highly successful business, not only in profit, but also in culture.” In other words, if you find great talent, snatch them up before someone else does!
You might have experienced good fortune in your company’s finances, but don’t let that trick you into overspending. Watch for capital expenditures and receivable collections related to your company’s growth. These could include software updates, technology upgrades, a new business location, or even the cost of adding additional staff.
Many companies forget to double-check their expenses during periods of large growth. Business operations can be so demanding that checking your phone bill simply gets lost in the shuffle! With business at an all-time high you have more to do than fight with your phone carrier. Leave the time-consuming telecom audit to a professional like Telanalysis so you can get back to the customers!
The Big Picture
President and CEO of Remote Tiger, Inc. Gopi Mandela reminds management to trust your staff and instead focus on the big picture. “When founders of companies are experiencing fast growth, it is easy to get entrenched in the daily grind and lose track of the big picture. The challenge lies in building the right management team so you can stop playing the contextual role of a COO and start being a CEO,” he says.
Don’t let rapid financial growth cause a downturn in other areas of your business. Call (866) 300-6999 for a complete telecom audit today so you can focus on steering your company in the right direction with uncompromised quality.