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Expansion
This stage of business growth brings significant change to the way in which you do business. Employees are recruited for their expertise, some of which will take on management roles and be keen to fulfil their own ambitions within the company.
There may be legal and financial challenges, and a need to raise capital to fulfil expansion plans. The need for a clear, shared vision is more important than ever to ensure that everyone is pulling in the same direction.
The business owner takes on the role of CEO and becomes the strategic thinker.
Find out more about how a Business Mentor can help you.
Recruiting Skilled Employees
In the early days of starting a business it is not unusual for friends and family members to be employed, valuing the loyalty they bring, accepting an informal style of management and valuing the familiarity of a small business.
A growing business requires a skilled, experienced team and many employees who have been with the firm since the early days may not be comfortable with this and struggle to adapt. Difficult decisions often must be made on both sides.
Introducing Middle Management
The role of a middle manager is arguably one of the most important to a growing business.
A manager or supervisor needs to be able to communicate effectively and motivate a team to achieve high performance, meet targets and drive productivity. Their ability to make decisions and problem solve enables the business owner to focus on the leadership role.
New Systems & Operating Framework
As the business grows all systems need to be reviewed on a regular basis to ensure they meet the changing needs of the company and the people employed to use them.
Important decisions must be made around when to invest in new technology which can quickly become outdated. Automation and technology-based solutions are constantly under review to find ways of increasing productivity and profitability.
Constant Innovation
It is important to keep the business fresh by introducing innovative ideas. Innovation can transform a business, an existing marketplace or sector where high costs and complicated processes are replaced by simplicity, convenience, accessibility and affordability.
Innovation is often about making minor changes to products and services rather than replacing them, simple improvements which make a difference rather than trying to re-invent the wheel.
Competitor Awareness
An awareness of what your competitors are doing enables you to spot new trends and remain at the forefront of your industry.
Checking out social media accounts and subscribing to newsletters is not enough, you need to monitor them on a regular basis and record information to analyse activity and performance. By evaluating the strengths and weaknesses of your competitors you will find ways of gaining an advantage.
Driving Sales
The on-going success of the business relies on generating quality sales leads which are then converted into sales and log-term client relationships.
There are many new ways of generating leads using digital technology and driving traffic to your website. However, some of the more traditional methods still work well, building good relationships is one that has stood the test of time.
