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5 Tips For Handling Fast Business Growth
In 2018, a record high of 660,000 new businesses registered in the UK, increasing by 5.7% from the previous year. With mounting entrepreneurial spirit across the country, it’s an exciting time for ambitious SMEs undeterred by competition. The question is, how can fast-scaling businesses maintain their blazing growth without burning out?
Company growth isn’t just something to aspire to and work towards; it’s something you need to manage. Here’s our five tips for building a robust business that stands the test of heavier demand.
Make ‘improvement’ one of your goals
Targets based on refining what you do are just as important as those for sales. Set goals to streamline your efforts. A good way of thinking about it is to subtract when you add. So when you introduce a new revenue stream, try to make a different task much easier and quicker to do.
Invest in talent
When you hire people, look for real talent and work to retain it. You can’t expect people to work as hard as you do for your business, so your ears should prick up if they’re working long hours. It’s reported that only 12% of employees leave for more money, which is why managing stress levels and continually training your team is key to keeping them onboard and engaged.
Invest in space
Your working environment should act as a support for your business, so look for a space that fosters productivity and offers flexibility. Fora workspaces have sound-masking technology, phone booths and inspiring open spaces to provide both quiet and collaborative areas. They’re also designed with the option to move to bigger facilities as and when you need them, and we’ll take care of the logistics for you. When your workspace meets what you need now and for the future, you can save a lot of time and keep focusing on your goals.
Plan ahead for financing
82% of businesses fail as a result of poor cash management. Although you might be handling your cash flow comfortably at the moment, your finances may be strained if output increases dramatically. Plan meticulously for your financing by taking advice and getting all the details and paperwork in place early. If you don’t want to apply for a loan, that’s a bonus. But the peace of mind will be priceless.
Keep your customers happy
Your customers are the cornerstone of your business. Treat them with great service and they’ll be three times more likely to recommend you. Invest in customer service, even when you feel stretched, whether it’s using helpful tools or employing someone to take care of calls, emails and social media. Excellent service is a cornerstone of the Fora experience and our Residents consistently score our service very highly. We employ dedicated concierge teams in each location who will always be on hand to greet your customers, clients and partners, and generally take some of the pressure off your team. Fast growth is exciting but it’s important to think rationally about whether your business has the capacity to keep up. Come along and explore our spaces to see how they can prepare you for what’s next.