Defeating the Challenges of Growing a Business

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Most startup owners will tell you they are keen to embrace growth. But the reality is that it isn’t always easy to grow a business. In fact, there is a multitude of problems that could leave your growth strategy falling on its face. And in some cases, they could even see your business collapse for good. In today’s guide, we’re going to highlight some of the biggest problems you might face when growing a business, so let’s get started and ensure you are in good shape.

The market

Markets are in a constant state of change, and they won’t wait around for you while you grow and adapt. And while your product might have been selling by the million this year, there are no guarantees it will be the same next year. To prevent market issues, you will need a lot of industry knowledge, and keep up to date with new businesses and developments. Failure to do so could leave your company with a lot of exposure to risk.

Cash flow

Of course, business growth takes money, and you will need funding of some description to make your dreams come true. In an ideal world, your profits will be all you need to grow steadily – but, of course, reality is never like that. You might need to approach a bank for a loan, in which case you will need excellent financial records in place and a robust business plan. You will need the same to approach private investors, but there is another caveat to consider. When a private investor hands over money, they will want t big slice of control in the business. That’s not just as a stockholder, either – they may demand to put their own management team and culture in place. Can you live with that? If not, your quest for funding may be trickier than you think.

Employees

When you are a growing company, facing a lot of change, it can be difficult to track all the new arrivals. But knowing your employees well brings an awful lot of benefits, help them feel they still have a stake in the business, and encourage productivity levels to remain the same. So, a quick question – when was the last time you used your employee directory? In fact, do you know how to find your employee directory? The truth is that it can be a great little tool for keeping valuable information on your staff, from what they enjoy doing in their spare time, to how many sick days they have had off during the year.

Customers

Finally, your customers may not be as fond of your business growth as you might have hoped. They might enjoy the personal service you gave them, and the time you spent cultivating relationships with them while you were raising your business profile. But when you become a bigger company, how are you going to avoid turning into another corporate, faceless giant? Finding the balance can be tricky, and you should be prepared for losing the odd customer who will be unhappy with changes.

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