How to Transition Smoothly While Growing Your Small Business
by Arina Smith Small Business 16 October 2020
Running a small business is going to be stressful as each decision can impact the health of the company. Growth is a positive aspect of business that needs to be carefully managed. The growth of a company can expand current offerings and drive revenue is managed efficiently. Growth can also alienate current customers if the quality of the product or service drops due to sudden growth. The last thing a small business wants is to turn down a massive deal due to a lack of scalable processes. Create a checklist of areas that you want to perfect before growth occurs. Going down this list and tightening up processes can allow a company to be as productive as ever before. The following are tips to help transition smoothly during growth at a small business.
Automate Where Possible
The age of automation is upon us with a number of pieces of technology emerging to assist with various areas of business. Hiring software is a great example as it can streamline the hiring process while increasing the average quality of hire made. These pieces of technology utilize artificial intelligence to identify patterns in resumes that indicate a quality hire. While this technology doesn’t work 100 percent of the time, it will improve hires on average which in turn improves the quality of the staff. Automation allows employees to be more efficient and allows them to focus on important instead of menial tasks.
Only Rent Office Space You NEED!
The trap that many small businesses fall into is renting an office space that is far too large. This can impact cash flow monthly with space that may or may not ever be used. Today’s world is full of remote employees which can reduce the need for space. The aspect of office space that some people desire is the ability to bring clients in for a pitch or to sign an extension of a contract. Virtual office spaces are a great option for those businesses that want to drive costs down. Virtual offices achieve this without impacting the image presented to clients/sales prospects. Costs of Los Angeles office space will differ immensely from that of Orlando so the location of the office matters!
Find Freelancers to Help Scale Projects
Freelancers can be immensely useful to a business of any size. These professionals allow a company to keep staff numbers low while driving productivity. The best aspect of this is that most freelancers will be far cheaper in terms of hourly rate than in-house employees. Freelancers do not require perks like health insurance and can be used as needed. Compiling an army of reliable freelancers will be hard work as freelancers differ immensely in quality. Find freelancers that hit deadlines, communicate well, and are available for projects with tight deadlines.
CRM Platforms Need to be Used
Small businesses have the advantage of being able to offer a personal touch that a large corporation might not be able to. Building personal rapport with clients improves client retention. Most clients will opt for a small business they are happy with that has a slightly higher price point when compared to a large corporation. Clients do not want to feel one out of a thousand clients as they want to feel like their business is valued. Noting small details in a CRM platform can give that personal touch. A small thing like sending a gift for the anniversary of working together matters.
Maintain Morale in the Office
Being a part of a small business that is growing can be exciting and stressful for staff. Staff might love the job security that growth provides them but the stress can become too much. Finding the balance between pushing staff to produce and morale will be the responsibility of direct managers. As the owner of the business, it is your job to make sure this balance is found. Business values trickle from the top down so make sure that you are practicing what you preach to your managers. Perks being given to employees like work from home days for high production can help achieve this balance. Being able to work remotely can allow for freedom unlike any other in a professional scenario.
Growth needs to be addressed proactively before problems compound at your business. Take the time to identify potential problems during growth and take steps to prevent these issues.