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Five Basic Strategies To Manage Business Growth
Experiencing a period of rapid business growth can be an exhilarating time for your company. Revenue is increasing, profits are high, and you’re making a name for yourself among your competitors. However, properly managing business growth and realizing the full benefits in a growth environment are not simple tasks.
Maintaining your high level of service and overall customer experience becomes harder to do as your company quickly grows. You’ll work hard to get to scale, then the market changes, and it’s now harder for you to shift with it. Being inconsistent with your service-level agreements (SLAs) as your business develops can have detrimental long-term effects on its success.
As the leader of a small business that went through a period of swift growth, I speak from experience. Here are five ways to keep up with your fast-growing company:
1. Hire the right team.
The employees you hire are invariably the difference-makers that influence the future success of your business. Regardless of products or service features and benefits, without the right team, your growth will not be maximized. I believe that culture fit is the most important aspect of hiring and retaining great employees, with skillset following closely behind. Your team should reflect the ultimate vision of your company and…
