If your company is growing quickly, it can open doors for you in terms of access to funding, as well as offering new opportunities for your team to learn and grow. While it can be tempting to get swept away on a wave of excitement, it’s well worth knuckling down now and getting ready for the increased pressure that a sudden uptick in demand can bring.
Here are some of the most common pitfalls your business might face at this stage, and some insights to help you avoid them.
Image Source: Pexels CC0 Licence
Lack of Floor Space
Quite literally, your company is expanding. Getting more of your product to market could entail the need for extra square footage both on the production side of things and at the management level. You’re probably recruiting more amazing employees to help you meet the higher demand and serve your bigger customer base. This means you’ll have more bums on seats. Growing out of your current workspace and production facility can be scary. Obtaining new premises is not without risk. You could buy property if you have the capital, but most businesses won’t be able to do that. If you opt to lease workspace, you will probably have to sign on for ten years or more for the move to be cost-effective. But are you sure your business will be around in ten years’ time?
Focus on Flexibility for Scalability
In your first growth spurt, it’s useful to look into real estate options that provide flexibility without demanding a massive upfront investment. If you require warehousing or protection, you may consider protection solutions like Zappshelter, an option that allows you to scale your business without having to commit to particular size requirements long-term. When it comes to space to house your team, a flexible workspace solution like co-working could be the answer, especially if you are considering expanding your business to other locations.
Image Source: Pexels CC0 Licence
More Red-Tape
As a small business, you were probably exempt from many of the technical regulations and requirements that have come into effect for you since your company started to become a significant player on the market. The bigger your business becomes, the more responsibility you have compliance-wise. And that’s not a bad thing—trade regulations perform an essential function of protecting the market, which benefits everybody.
Lay Down Firm Groundwork
Meeting these demands can require a fair bit of due diligence, which may be a challenge for your business at first. It’s worth getting used to it now though, as the trend of increased red tape will continue as our business continues to grow. Laying down solid groundwork now by forming strict compliance habits within your team will pay off down the line.
When your company starts to grow, the feeling can be exhilarating but also a little daunting. You’ve obviously been doing something right to get this far, but how do you make sure you keep getting it right? Whether you’re ready and rearing to face the challenges that growth presents, or you’re find your first growth spurt a little uneasy, these tips will help you manage your company’s growth without the speed-wobbles.
