If your startup is growing, congratulations on this first exciting phase of growth. This can be a fairly daunting stage if your business isn’t ready for the extra obstacles you may have to face now that you’re increasing in size. The added pressure could give you and your staff opportunities to show what you’re really made of, but it’s essential to put into place systems that will smooth the growth process and ensure that your business remains sustainable.
If you’re looking for changes to make for your business in 2020, here are a few of the top challenges growth might present, and some handy tips for how to manage them.
Your Business Will Become More Complex
In that early phase of business, when your day-to-day was fairly manageable, it’s likely that you were able to notice trends, spot improvement opportunities and predict the long-term effects of your business decisions without calling in outside advice, or investing in modern software. However, now that your business is growing, every aspect of your organization is guaranteed to become more complex, from packing, to distribution and financial planning. It makes sense to invest in the software and expert advice that will help you optimize your productivity and make better decisions. This will mean something different to every entrepreneur, depending on your industry and goals. Whether it means getting on top of DIM weight or investing in Business Intelligence (BI) for insights into the myriad complexities of your operation, the money will be well spent.
As a small business, it’s unlikely that you had to fuss too much with the complex regulatory requirements and other forms of red tape that might have started to come into effect as your business expands. The larger your company becomes, the redder tape you will be required to adhere to, and the more critical it is that you follow the law to the letter.
Whether you’re dealing with trade regulations, tax requirements or HR requirements, making sure your business paperwork meets the mark doesn’t have to be a nightmare. You’ll need to do a little extra due diligence, but this won’t be too difficult long-term if you lay down firm groundwork now. The key is good training for your team, and staying organized year-round, rather than scrambling to gather the relevant information at the last minute. Meticulous record keeping and File Management will also save you plenty of headaches when it comes time to getting the required paperwork in order.
Growing Out of Your Office
Whether you work from home currently, or you have a small office, a growing business means you’ll inevitably need more space for your team. New space requirements can be daunting for a small business, especially if you haven’t been around long enough to secure an office lease on a long-term basis. A flexible, low cost solution like coworking could be the answer. Coworking spaces let you grow at your own pace, providing the space you need when you need it, without the scary upfront financial commitment. (And in terms of design, they are often easy on the eye, too!)
Whether you’re excited by the prospect of growth, or find the process a little daunting, these tips will help you make the most of this opportunity and be ready for the challenges ahead.