Can you manage a rapidly expanding business?
THE STARTS MODEL - ACCELERATED GROWTH
When your business has began to run smoothly and you’re thinking of scaling up is where the hard work really begins.
It’s time to put in these processes to help you with strong foundations:
#TIP Introduce structures and systems that enable scaling up so you can Employ more people
Try not to make the simple mistake of over stretching yourself or your current employees. It’s time to start hiring more people. This is where many business owners fail to see the value of initial employees. After all they have helped you get to this point. So why not reward them rather than overstretching them.
For example, one of the businesses I am helping to develop and grow, have offered a percentage of the business to stay with them long term. This may not be suitable for some business owners but it shows you to the lengths they want to keep people that mean something valuable to their expansion.
You may also need to hire and onboard more people to help with the expansion. Scaling up does come with the risk of expanding too much and too fast.
What issues have you faced during a company expansion? I’d love to know any tips or advice you may have in the comments below.