Every business owner wants to see their company grow and succeed, no matter what size it currently is. With that growth comes change and periods of adjustment, which is often difficult and uncomfortable. Fortunately, there are some things you can do to help ease your company’s growing pains.
With growth comes increased costs, perhaps greater than what a business can pay upfront. In order to pay those costs, you’ll need to obtain financing. There are some things you can do to improve your odds of getting the financing you need. According to Franchise Gator, the longer your business has been around, the more likely banks will offer you favorable loan terms. Make sure your own personal finances are in order and that your credit score is as good as you can get it. The same goes for your business’s finances and credit score (yes, businesses have credit scores too). You would also do well to make sure you have a good, solid business plan. This will make you more attractive to lenders.
Your hiring practices are crucial to the successful growth of your company. If you are to manage increased demand for your goods and services, you need to man your business with enough employees to manage the increased workload. It’s not just enough to hire warm bodies, however. You need to make sure you hire the right people for the job. Your job isn’t done once they’re hired either. In order to be useful, new employees need to be properly trained, which requires an employee to leave their current responsibilities to some degree to complete the training. In order to do this with minimal disruption to the flow of business, the best move is to do as much of this as possible in advance of your growth.
Develop Clear Goals
A lack of direction is a huge growing pain for a business. It can take a serious toll on morale and leave everyone wondering what the point of what they’re doing is. To counteract this, according Sean Foster, you should develop clear goals at multiple levels. You can have goals for individual employees, teams, departments, and the business as a whole. Consider creating both short-term and long-term goals as well. Measure progress and report on it regularly. This will help direct efforts and help everyone feel that their contributions and work actually matters.
Periods of growth are often marked by growing pains that can be difficult for both businesses and employees to get through. Help ease your company’s growing pains by hiring competent employees and getting them trained on time, acquire financing to help cover immediate costs, and make sure you have clear goals to guide you. This will help set you up for success as you continue to grow your business.
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