One of the biggest unseen issues with growing a business is that it can often become “too” quick. In other words, there are times when you could be speeding ahead too fast and there may be a need to pull on the breaks. For example, you could be investing in too many different product lines or you might be unable to handle the number of customers you’re currently getting. There are plenty of different reasons for why you should be worried about growing your business too fast, and in this article, we’ll be explaining a couple of the biggest points that could lead your business down a path of ruin.
Your infrastructure might not be able to handle your growth
Business infrastructure could mean a number of different things. For instance, it could mean the way you handle your digital workforce. If you’re interested in hiring remote employees, then it might be time to look into hiring freelancers and outsourcing certain jobs to lighten the load. This can be difficult to handle even if you’re just hiring a dozen of outside employees, but you can make this much easier if you’re open to hiring help from companies like Riteq that can help you manage your workforce more efficiently. The goal here is to invest in solutions that allow you to take on more complex workflows. It’s also a way to optimize how you use your money. Growing a company isn’t cheap and whatever solution you rely on must be grown carefully. Any wasted capital could ruin your chances of success and plunge your business into a deep pit of debt.
If your infrastructure isn’t built for growth, then it’s going to be a struggle trying to improve your business. Focus on building the infrastructure of your company before anything. Every company is built on solid foundations and yours is no exception. Be it supporting remote employees for a more flexible business in the future or switching to more efficient paperless systems, focus on the basics first and expand from there.
Efficient use of technology can make or break a business
Technology is a large umbrella term. It could mean the machines you use or even the software on your computers. Either way, it’s important that you make the most of technology and implement it correctly for efficient growth. There are several ways to approach this, so here are some examples.
- For cheaper software, look at open-source solutions and free alternatives instead of paying for industry standard software. A couple of free alternatives include using Google Docs instead of Office 365 for your general productivity needs, and GnuCash instead of Sage or QuickBooks for accounting. Open-source software might require a little more work to integrate into your business, but they are easily scalable and will save your business a lot of money in the long run.
- When introducing new technology into your business, make sure that your employees understand how to use it efficiently. This will ensure that you do not lose capital unnecessary. For instance, if you’ve invested in a new machine to make your business more productive, then your employees must know how to use it without damaging it or else it will increase your maintenance costs and it could be damaged due to improper usage.
- Understand the role of technology in your business. Not every company uses technology in the same way. A good example of this is cloud storage technology. Some people decide that cloud storage is a good way to back up their files, while others prefer to use cloud technology as a way to collaborate on documents. The role that technology has in your business is ultimately defined by your workflow, but if you’re unsure of the potential that it has, then you won’t be able to use it effectively and you might replace it with poor solutions in the future that either aren’t scalable or don’t meet the specifications that you require. In short, learn more about the technologies you use, how they can be applied, how they can be optimized, and future alternatives.
These are just a couple of tips on how technology can be used more efficiently in your business, but it’s a good starting point to help you understand the scale and impact that it can have.
Handling social media the right way
When you first start your business, it’s common to use social media as a platform to grow your company. It’s a great way to gain exposure and it’s excellent for trying to reach out to a bigger audience. However, one of the most pressing issues is being able to handle growth not just for your business, but also for social media.
When your social media presence grows, you’re more likely to get messages and criticism from your audience. In order to process these comments and feedback properly, you need the right members of staff and processes. Managing social media isn’t just about being active on a platform, it’s also about learning how to respond correctly to people’s comments.
Growing your social media presence requires smart use of campaigns. You need a strategy and you need to stick to it. If you choose to deviate, then you might find yourself having a poor reputation for customer support and engagement. This could lead to your business being viewed as one that doesn’t focus on the customer’s experience and you’ll start to develop a poor reputation. Make sure you develop a social media presence and hire the right employees to manage it. Failing to do this will result in poor social media growth and could potentially ruin your success.
With these points in mind, you can now grow your business while being fully aware of the consequences you’ll suffer if you do not take it seriously. Technology, social media and your infrastructure are key points that need to be nurtured correctly in order to sustain your business growth. If you lack in one of those areas, your business will have a tough time growing.
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Vinh Van Lam & Stuart Horrex
Your Creative Coaches @ CoSydney & ArtSHINE industries