Posted in Management Best Practices
Sales are soaring. Revenue is ramping up. And you've crushed your growth projections for the last quarter.
Congratulations – you're running a high-growth company!
But before you uncork that bottle of champagne, steel yourself. Increases, upticks and expansion bring a host of new hazards that go beyond typical day-to-day management challenges. And if left unaddressed, these growth-related mistakes can be more than inconvenient or costly – they can be downright deadly for your company.
Below, PrideStaff lists several of the deadliest "sins" facing growth companies:
- Losing financial control. When your business is small, it's pretty easy to track key numbers with a simple ledger. But as new employees, locations, vendors, customers and products/services are added, it's easy to lose sight of what's going on with your company. Your best bet? Bring on an accountant, either on a project basis or in a part-time role.
- Neglecting IT issues. Just as your need for supplies and physical space increases, so does your need for solid IT infrastructure. Consider cloud-based alternatives to facilitate your expansion, and consult with technical experts to forecast your data management, hardware, software, network and security needs.
- Losing touch with customers. As your organization grows, so does your potential for customer service mistakes. Speed of service frequently slows, and customers are at greater risk of "falling through the cracks." When scaling your operations, make sure you devote adequate resources to ensuring a great service experience for every person who interacts with your business.
- Overworking employees. When things get busy, employees become more prone to burnout – leading to more mistakes, increased absenteeism, higher turnover and diminished productivity. Protect your business from these problems by ensuring adequate staffing support. A qualified partner like PrideStaff can help you seamlessly add resources – right when you need them – to reduce overwork and the problems it creates.
- Failing to hire key leaders. If you're running a growing business, you probably "wear a lot of hats." But as the organization continues to expand, it becomes nearly impossible for you to handle the diverse (and increasingly complex) needs of your company. If you wait too long to hire for key positions, you'll find yourself in a crisis – and increase the risk of hiring mistakes. Map out a plan for adding C- and D-level leaders early on, so you can be proactive about hiring and avoid "settling" just to fill a position.
Is your growing business facing tough challenges? Contact PrideStaff
Whatever problems you face, PrideStaff is the ideal partner to help relieve them. We can help you:
- Shorten time-to-hire – for everything from entry-level positions to key leadership roles.
- Free-up key resources – so you spend less time on HR and employment-related activities, and more time running your business.
- Prevent burnout and the turnover it causes – keeping your employees focused, motivated and working at peak performance.