Time to Expand? Learn from Other Small Business’s Mistakes
Company growth can be a very exciting time for any business owner. As demand increases and revenue starts trickling in regularly, it can be tempting to beef up your staff, equipment, and space ahead of the curve to compensate for increased projections. What if that demand suddenly stops? What if you hit an unexpected lull? Now you’re overhead operating costs outweigh your revenue and you’re forced to either make drastic cuts to stay afloat or to close your doors altogether. Unfortunately, this can be a common series of events among small business owners. You have the opportunity to observe and learn from the missteps of others to help guide you on your own path of growth.
There are a few key elements that need to be in place for your company to avoid major growing pains. Company culture can be a major factor when things get chaotic during periods of unexpected growth. Ensure that the core values of your company remain unwavering and show them off everywhere for your employees and customers to see. This will help build relationships between you and your staff as well as your customers. These relationships can help build better brand recognition and loyalty, which will help keep your company growing.
Hiring the right people will keep you on the right track. The right employee will uphold the values established by the company culture and contribute to growth by providing excellent service either directly to the consumer or by fulfilling their role to the absolute best of their ability. Between a good work ethic and a positive attitude, or whatever other qualities you value in your employees, the right people will keep the company on the right path and work as a team should a misstep occur.
