Money

Published on December 20th, 2013 | by Anica O

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5 Ideas For If Your Business Is Growing Too Quickly

Although business owners are often happy upon learning that their organizations are undergoing periods of serious growth and expansion, the experience can also be overwhelming. If your business is currently expanding at a rapid rate, consider employing the following techniques to make the transition as smooth and seamless as possible:

1. Hire

In many cases, businesses who undergo quick growth forget that they need to compensate for the expansion by hiring new employees. Yet hiring new employees during periods of growth is very important for several reasons, including the fact that it precludes current employees from becoming overworked and subsequently burnt out. Make sure your number of employees reflects your incoming work.

2. Update Your Technological Tools

Although this strategy may seem like it will cause you to invest time, money, and energy during a growth period in which you want to keep things as simple as possible, updating your technological tools can actually prevent you from doing unnecessary extra work in the long run. For example, you may currently be using paper contracts to seal business deals. While this is an effective way to do business, using electronic contracts that don’t require all business partners to be present in one place at the same time can provide you with the time and freedom you need to concentrate on keeping your business on the right track.

3. Focus On Excellent Customer Service

During times of rapid growth and expansion, business owners and employees often find themselves at a loss for the time and energy necessary to keep providing their existing clientele with excellent customer service. Yet doing so is very important given that it is the primary tool through which you retain clients and build your business through word of mouth and referral marketing. Since this is the case, make it a point to continually remind yourself and your staff that providing excellent customer service is integral to the way you do business.

4. Attain Storage Space

Generally, business expansion entails more paperwork as well as the use of machines and furniture that eventually become outdated and warrant removal to a secure storage space where they can be accessed and utilized at a future date. When you begin looking for a company that specializes in selling storage space, consider a business like Extra Space Storage. This business offers self storage services throughout the USA.

5. Give Raises When They Are Warranted

Business owners who experience rapid growth should note that it is likely at least in part due to a hard-working, loyal staff. With that thought in mind, make sure that you take the time to evaluate the performance of your employees and subsequently award raises and bonuses to those that deserve them. Exacting this fairness principle can increase employee loyalty and diffuse potential tension regarding salaries.

Conclusion

Although business growth and expansion is a very exciting thing for business owners to witness, it can also be overwhelming. Yet by implementing the five strategies listed above, you will likely find yourself remaining calm and efficacious as you continue building your business. Good luck!

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About the Author

A recent college graduate from University of San Francisco, Anica loves dogs, the ocean, and anything outdoor-related. She was raised in a big family, so she's used to putting things to a vote. Also, cartwheels are her specialty. You can connect with Anica here.


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