All business owners appreciate that business growth can go horribly wrong if not planned correctly. These three simple tips can help you ensure sustainable business growth for any kind of SME.
Although rapid growth in business size sounds great during challenging times, it can result in reductions in productivity, cost-effectiveness and efficiency. These tips can help you plot your course to grow sustainably:
1. Ensure customer service grows and streamlines at the same time
It’s vital to ensure customers are serviced at the same high levels during any period of peak business growth. Very often rapid business growth means losing touch with customer viewpoints. Adding CRM software to your platform can be one way to keep customers sweet as customer relationship management systems help ensure business objectives are attained and all customers are retained.
2. Stay on top of workplace productivity
Having a company mission and values can be vital to workplace productivity, but as your business grows it’s easy to hire the wrong type of employees and this can have a detrimental impact. Keep all your workforce engaged and willing to complete tasks with enthusiasm when you’re growing the business. This could mean adding bonus or incentive mechanisms to your pay structure or may simply just mean ensuring human resources personnel and staffing agencies are working at higher levels to hire the best staff for your teams.
3. Don’t neglect underlying accounts signals
It’s easy to get a distorted view of your accounting signals during growth periods. Simply adding sales and customers to your databases doesn’t always translate into higher profits figures. Costs can spiral dramatically during times of peak growth, and one of the best ways to ensure control is to think about leasing for any new equipment that’s required.
Sustainable business growth – where to find out more
With alternative funding by way of equipment finance, there’s no need to commit to major purchases at this time, as all payments for your new equipment is taken by easy, staged finance. This means all increased profits can be directed towards tightening up business systems and ensuring new hires achieve the high levels of customer service training that are required.