Business expansion challenges to anticipate and overcome
As your company starts to grow, you have to be ready for the shift from a small team to a larger scale operation. Business growth is always accompanied by both new opportunities and problems which demand different solutions from those you used to have back in the day.
So have you prepared your business for this new wave of challenges ? How can you recognise and tackle the common pitfalls associated with growth ? And most importantly, how to achieve consistent and sustainable work results while expanding ?
Below, I list 4 challenges that leaders will face while scaling up their business as well as some tips to overcome them.
1. Managing a growing workforce
During the process of expansion, enlarging your workforce is inevitable as the workloads heightened, since as a leader you don’t want to be too demanding and suffocating towards your existing staff. However, this could be a hectic task since it requires greater managing responsibilities than working with a small group. At this point you might think you have to hire an additional HR management team but it is going to cost your company more than you thought. What you want to do instead is to hire or coordinate with a HR specialist consultancy to get a tailored plan for your company in a more cost-saving way.
2. Lack of proper system
Developing a system is essential to any growing enterprise, since without one your company could face a lack of accountability and transparency between operating groups. By setting up divisions such as accounting systems, inventory systems or sales systems, it will help the tasks flow way better and strengthen the company’s hierarchy.
3. Cash flow management
Business expansion is indeed a costly process and none of the leaders want to get caught in a spending spree. As a sharp leader, you need to maintain strategic planning for your spending, office, salary and all types of capital expenditure.
4. Keeping up with market changes
As you achieve a certain extent of success, complacency could show up in the game and pose serious danger to your business. In fact, an innovative business always has to come in prepared for constant changes in the market. A leader should always remind his staff to revisit and adjust business plans accordingly to come up with fresh initiatives that would result in sustainable growth.
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