Fact: there are lots of items for you to think about when you want to grow your business, starting from planning, hiring and to maintain a sound operation making your business always on the go with the daily challenges.
Overcoming those challenges makes your business become colorful, but what is important here is not to let small things fall in the cracks of success.
To determine what needs for you to do in order to stay on safe radar no matter how might be busy your life be, we managed to asked couple of entrepreneurs, some of this questions is
What is the most overlooked item that you should not forget when you grow your business?”
As we gathered the answers, we created a general statement in order to omit the same answers, and formulated twelve important factors:
1. The Culture of the Company
As your business grows, new personalities or people will be added in your team, of course the usual camaraderie and the culture of the company change.
As top management or business owner, you should not overlook company culture, you need to have a sound plan for you to encourage and develop spirit as number in your team grows. Culture is what made them come in the company, so losing this will be bad a move for your business to grow.
2. Knowledge Management
This usually happens to small companies, wherein they capture the working potential of their employees. So as result, management educates newly hired workers, and some may have disproportionate power or responsibility because they believed on what they know relatively than things that they can do.
In order for your business to grow up effortlessly, being disciplined is the key factor and documenting working yet effective best practices and sharing it with the team.
3. Define Roles Clearly
Defining your individual member of the team’s responsibility is very important, especially when your business starts growing. So everything should be clearly outlined, this includes even the founding team and the recent hires. You need to take time for you to define each workers specific responsibility, roles and the system or chain of command for the organization to have a smooth operation.
4. Continued Scalability
“Moving forward” updating your business structures and processes for you to maximize your team’s capabilities in order to make your business more productive, but there are appropriate situations before you can adopt a major switch.
You need to create adjustments for you to make everyone work effectively with their individual job assigned task.
5. Small Step Plans
As business owner or entrepreneur, we know that you like to explore the unexplored, curious to the things that you have not yet experience, and get involved in projects. The motivation is good as business grows, but you never forget to establish a consistent and stable process.
Always remember to keep the vision you have and indentify those steps needed for you to move forward and head to where you want your business be.
6. Cash Flow
Business finance plays a significant role in every business, so never overlook the amount of money coming in and out and the balance with the funds that you spend as your business grow. Always remember that in business, your available credit or cash is like oxygen, you will not notice it until it becomes run out.
7. Internal tools development
Obviously, when a company is at starting age, this is quite stressful for its employees due to the number of task that should be done in a manual operation, since it is not yet worth to build a personalized tool or purchase a service that will be needed in the operation.
Well, as your business grows, the number of processes in the company will be assessed and then optimized by creating internal instruments in order to streamline the business operations.
8. Dependable Team
Even though your business is now generating good amount in cash flow or landed a fresh investment and still want to grow your awesome team, always remember not so settle. Your group is always weak to the weakest one. “
Make sure that your team should keep and maintain the type of quality that is at high as possible.
9. Happiness of your Customer
As your business starts to grow, and enables you to bring number of fresh business, never forget and always remain focus with your existing customers as they becomes happy always.
You need to carefully monitor these things by doing some tracking and looking at the retention rate. Happy customers adds up the percentage or boost in your business as it grow.
10. Core Values in the Business
Maintaining culture and values is important in your long term operational sustainability and even growth, while strong argument with your business has indirect impact in profitability.
With your strong culture and high values, this gives your employee a purpose, guidance and value for them to make significant decisions. Remember to invest in this part. This will guide your business as season change.
11. Little Wins
Getting sucked into mentality as you look forward in the challenging obstacle is easy, this is especially when you are now leading a business startup.
But recognizing the morale of the starting business and celebrating little achievements, you need to device traditions, whether just a champagne or by ringing a gong. These methods helps you organizations point of view and prevent from burnout in the future.
12. Evaluating Performance of the Team
When you are making good money with your business, this only means that everyone in your group seems good and getting their job perfectly done. But there are times that when a job is getting done perfectly, it is now the market that makes it poorly.
With the consistency of the performance of your team, you need to ensure that they are operating as what their bosses expect from them at their very best. So to do this, regular performance and evaluations can be done.
By knowing these factors, as business owners you can now take precautionary actions for you to device the right action for your business as it starts to grow. You should not miss a thing or even a single issue as it may lead to some trouble in the long run.
Table of Contents
- 1 1. The Culture of the Company
- 2 2. Knowledge Management
- 3 3. Define Roles Clearly
- 4 4. Continued Scalability
- 5 5. Small Step Plans
- 6 6. Cash Flow
- 7 7. Internal tools development
- 8 8. Dependable Team
- 9 9. Happiness of your Customer
- 10 10. Core Values in the Business
- 11 11. Little Wins
- 12 12. Evaluating Performance of the Team