Are You Suffering from Small Business Success?
Suffering from your success can be a painful point in any business, and— let’s face it—in the entrepreneur’s life as well.
You should be running things, your business should not be running you. Unfortunately, too often than not, when the promise of new customers and exciting offers come knocking, pausing to breathe seems like the last priority on anyone’s list. You are just going to dive in and go for it because that is why you got into business in the first place, right? Wrong!
Regardless of the industry you are in, proper planning and the right perspective are necessary in order to help you carry out sustainable growth.
Take the steps you can take today to stop your small business suffering once and for all.
Plan For Your Growth
Of course everyone says small business growth can be managed if you plan for it. The thing is, no one is ever quite sure when that growth will happen.
Start by identifying some key indicators that will help you determine when a growth surge is happening.
Having baseline numbers or an understanding in place will help ensure that your current systems can handle your growth. One way to do this is to implement real-time data, which, for example, can help you keep an eye on your inventory. Real time data can include using a CRM system or checking your Google Analytics.
Another way to plan for your growth is to reassess your company’s cash flow. Make sure your inventory and accounts receivables match so that you do not run into monthly lulls. Consider reaching out to your suppliers and see if you can agree on recurring payment dates.
Remember, It’s Not All About You
Take your responsibility to fulfill your customers’ demand seriously — but perspective matters.
There are always other resources you can use to help serve your customers, and the more proactive you can be, the better. For example, you might want to reach out to another supplier of your product to ensure that you can meet any surges in demand now or in the future.
While managing increased demand and the new customers that come along with it, do not forget to tend to your existing customer base too.
Continue to nurture your existing customer base during your growth period. Blogs and social media updates are a great way to keep your loyal audience in the loop. Opening yourself up to suggestions and comments, and sharing samples and trials, will allow customers to feel like they have a stake in your development, and will encourage them to grow right along with you.
But, Don’t Forget About Yourself Either
Today’s entrepreneurs often have to turn down new and exciting opportunities because they aren’t able to meet increased demand.
Often small business owners think planning and preparation are exclusive to the early stage of a business, but the truth is your growth is in direct correlation to the time you invest in nurturing it.
Consider seeking out an experienced professional who can coach you through your next stages of growth. A proper mentor can teach you to work with your business proactively, rather than reactively.
YourOffice is a world-class network of business centers providing clients with fully serviced full-time offices, virtual offices and meeting rooms, all available with flexible terms and on-demand. Simply work with our team to create the office plan that’s perfect for your business.