Growth is critical for each business, from space tech giants like Space X to your local fruit grocer. Many angel investors and startup founders often cite fast growth as a KPI for investing more. However, moving fast and breaking things like Apple did with the iPhone has its challenges. Today you are dealing with acquaintances from your university; tomorrow, your brand is known to millions of individuals around the globe who all want it.
With unplanned global coverage comes endless operational pressure. Having to adapt offerings to multiple market segments can result in a corporate identity crisis. This is why many US startups that see fast growth end up going out of business.
But don’t fret. Here are some tips for staying on top of your thriving business.
Measure Results Routinely
What is the way forward for a growing business? More growth; as easy as that. However, growth can be hard to mine if you cannot measure it. It helps to put numbers into everything. Raising cash can cause you to forget about foolish fees like bank fees. These are some of the blind spots that can interfere with the consistency of a startup’s growth.
Fortunately, there are numerous ways to measure current growth. For example, you can track expenses and other data with a custom data architecture. With digital tools like these, you can perform trend analysis and make data-driven decisions like moving your finances to the cloud.
Companies are more and more choosing secure and efficient financial systems to reduce the overhead costs of managing money. Look at this Tangerang review to determine if digital banking options can better accommodate your fast growth. Digital banks like Tangerine operate entirely online but still offer many financial benefits.
Ultimately, leveraging a cloud-based financing system can provide you with a bird’s-eye view of your finances. Staying on top of your finances means you can easily spot which revenue streams are growing and where there are leaks.
Recruit Competent People
Rapid growth is a flamable substance for business. Just one unforgivable mistake (like a misinterpreted tweet) can burn your business. Nothing is as important to a fast-growing company as a competent workforce. Beyond corporate staff, leaders of fast-growing companies can even look to the recommendation of seasoned entrepreneurs.
People like Neil Masterson, the OneWeb CEO, can be a wonderful advisor for digital business. One Web has seen many successful years providing low latency communication services around the globe. Mentors are great for young entrepreneurs looking to scale their business. If getting access to some of these serial entrepreneurs proves difficult, you can try exploring their LinkedIn profiles for any insights they may have.
Use Remote Collaboration
Experiencing fast growth means serving consumers from different locations. However, having all employees in one place may not be the best way efficiently serve your growing customersparticularly in today’s age where consumers need personalised efforts to reach them.
Your fast-growing business may require you to have an enclave of an operational team managed by a central chief operating officer (COO). But how do you ensure all these teams are working efficiently towards scalability? That’s where remote collaboration comes in handy. Collaboration tools can help you streamline your workflow and align efforts navigate new business realities presented by fast growth. Globally, the adoption of remote collaboration technologies is increasing, particularly because of the COVID-19 pandemic.
Focus on Profits
Your company may be doing the math, but how profitable is your business model? For companies, both large and small, the bottom line is the no-go area. This is even more important for immediate growing companies that need more funds to grow. One way to keep up with growth is to value revenue streams that generate more profit. Have the courage to drop a heavy project (or client) that does not add any value to your company.
