Navigating rapid growth within your company can be tricky business. All too often, companies experiencing rapid growth fall victim to common mistakes which can deliver catastrophic results, like business failure. American business executive and author, Beth Comstock, reminds us that scaling successfully “isn’t just about driving growth. It’s about staying in business.”
Here are 3 key factors that will allow you to grow your business for the better:
- Maintain Discipline: You don’t have to yes to every job opportunity – as a matter of fact, you shouldn’t say yes to every job opportunity. As your business grows, it is more important than ever to assess the risk and return each opportunity presents before dedicating your time and resources to the contract.
- Stay Lean: More business doesn’t necessarily mean it’s time to hire. First, evaluate your existing teams and processes to ensure you are set to perform with maximum efficiency. Oftentimes, you’ll find many areas where a little improvement will go a long way, allowing you do more with what you have.
- Execute Excellence: Business growth is the result of higher demand. The customers that are seeking your services are seeking the quality and value you are known to deliver. Be consistent with your execution, providing excellence on all fronts – to protect your business, your profit, and your reputation.
Periods of rapid growth within your company can be exciting, but you must be smart. Wise investments in your team and tools can make or break you during these times, and if you’re ready for the challenges rapid growth brings, you will excel and experience unprecedented success.
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