When you start your own business, the main goal in mind is to be successful. For some, success could be a simple 9-5 that pays the bills and allows you to be your own boss; for others, success is becoming an industry front runner. If you are the latter, you will need to expand your company over and over. Growing your company is extremely exciting, but it also brings a multitude of challenges.
While managing demand vs supply can be a challenge at any time, it is exaggerated when growing a company. You need to manage demand vs supply of inventory, work load, and most importantly, recruitment. You need to walk a tightrope between bringing in more work and hiring enough people to complete the increased workload. This can be a tricky path lined with customer complaints and burned out employees, but it doesn’t have to be.
It is important to ensure that you do not sacrifice quality for quantity when you are trying to quickly recruit more talent. It can be tempting to hire people fast to ensure work is completed without delay, but hiring the wrong people can be extremely costly. Don’t rush your hiring process, keep your standards high and ensure candidates are a perfect match for the position and for your company. Don’t recruit based on the immediate workload, instead, continue recruiting constantly to ensure when new work comes in, there are quality people ready to complete it. If you have a slow period, don’t downsize, but instead focus on your team’s professional development. Don’t let the pressure get to you! You will thank yourself in the future. If it gets to be too much, you may need to consider outsourcing your recruitment to alleviate some of the stress.
It is equally important to ensure you are not sacrificing your company culture during your growth period. These sacrifices can come through new employees, but can also come from department restructuring, taking on new work and even changing office locations. No matter how much your team grows, be sure to maintain your company culture and a positive morale. When a team of people work well together and share the same values, it creates a more positive and engaging workplace. Happy and motivated employees will not only produce more quality work at a greater speed, but will also help you recruit more top talent in the future. Be sure everyone on your team is committed to maintaining your culture and values.
One method to help yourself balance your growth is knowing how and when to say no. Ensure you have a business plan set and align all potential opportunities with this plan. If an opportunity arises that won’t push this plan to fruition, leave it behind and move along. This can be an extremely challenging move, especially if that opportunity comes with a large profit, but in the long run, this will help you maintain focus and the quality of your products/services. Having the discipline to maintain a strategic focus is critical to success.
Change is never as easy as we would like it to be; there will be a lot of growing pains. With careful planning and consideration, there is no reason you cannot overcome all these challenges and reach the success you dream of.
Check back on Wednesday December 7th for the Challenges of Growing a Company Part 2.