Politics and Business
How to Stay On Top of Your Fast-Growing Business
Growth is paramount for every business, from space technology giants like Space X to your local fruit vendor. Many angel investors and startup founders often herald fast growth as a KPI for more investment. However, moving fast and breaking things just like Apple did with the iPhone has its challenges. Today you’re dealing with acquaintances from your university; tomorrow, your brand is known to millions worldwide who all want a piece.
With unplanned global coverage comes unending operational pressures. Having to tailor offerings to several market segments may result in a corporate identity crisis. This is why many U.S startups who get to see fast growth end up folding.
But fret not. Here are some tips to stay on top of your fast-growing business.
Measure Results Regularly
What’s the way forward for a growing business? More and more growth; as simple as that. However, growth can be hard to mine if you can’t measure it. It helps to put numbers to everything. Raking in cash might cause you to lose sight of the ridiculous expense of things like bank charges. It’s some of these blind spots that can plague a startup’s growth consistency.
Luckily, there are many ways to measure growth today. For example, you can track spending and other data with custom-built data architecture. With such digital tools, you can pull out trend analysis and make data-backed decisions like moving your finances to the cloud.
Many companies are increasingly opting for secure and efficient financial systems to reduce overhead expenses of managing money. Check out this Tangerine review to determine if a digital bank option can better accommodate your fast growth. Digital banks like Tangerine operate entirely online yet still offer many financial benefits.
Ultimately, leveraging a cloud-based financing system can provide a bird’ eye view of your finances. Staying on top of your finances means you can easily find which revenue streams are growing and where there are leaks.
Hire Competent People
Fast growth is a flammable substance for businesses. One unpardonable mistake (like a misconstrued tweet) is all it may take to burn your business to the ground. There’s nothing critical to a fast-growing company as a competent workforce. Beyond a company’s staff, leaders of fast-growth companies can also use the counsel of seasoned entrepreneurs.
People like Neil Masterson, the OneWeb CEO, can be excellent advisers for digital businesses. One Web has seen successful years of providing low-latency communications services across the globe. Mentors are great for young entrepreneurs seeking to scale their businesses. If getting access to some of these serial entrepreneurs proves hard, you can try surfing their LinkedIn profiles for any insights they may have.
Use Remote Collaboration
Experiencing fast growth means attending to consumers from different locations. However, having all employees at one place might not be the best way to efficiently serve your growing customers, especially in today’s age where consumers require personalized efforts to reach them.
Your fast-growth business might require you to have pockets of operational teams managed by a central chief operating officer (COO). But how do you ensure all these teams are efficiently working towards scalability? That’s where remote collaboration comes in handy. Collaboration tools can help you streamline workflows and align them to efforts to navigate new business realities presented by the fast growth. Globally, remote collaboration technology is increasing in adoption, mainly due to the COVID-19 pandemic.
Focus on Profit
Your company might be doing the numbers, but how profitable is your business model? For companies, both large and small, the bottom line is a no-go area. This is even more important for fast-growth companies that need more funds to expand. One way to keep up with growth is to value revenue streams that bring more profit. Have the guts to drop dead-weight projects (or clients) that don’t bring your company any value.