You have worked very hard and your small business indeed sees a spectacular growth – perhaps beyond what you imagined. And the growth means you have more of everything now; more resources, more capital, and wider recognition. But what’s challenging is channeling the abundance for long-term sustenance of the company and hence is very important that the entrepreneurs know how to utilise and handle the positive change in the company. Here are few tips from Kuza Biasharaas to how you can go about it:
Use the abundance for further growth
Don’t just stack up the success you recently had. Instead use the excess to build more. Thinking about further growth is not being greedy, it is only a way to protect what you have earned already. Identify projects that can use the new resources.
Expect the unexpected
There may always be an unforeseen situation in business. You must have the excess of resources and capital to bail you out of inevitable disasters. Always have an alternate plan to your projects. Prepare your staff to think in different directions and wake up to such contingencies.
Make a two-way communication
Allowing a feedback session from you staff and subordinates is a great way to go. As you communicate to them of the growth phase you are in, allow them to brainstorm and come up with better constructive ideas, identify the loopholes, the areas that you lost, overcome the drawbacks in the next quarter and so on. This will not only inspire them to do better, but will also help them to streamline the ideas.
Raise the bar for benefits
Now that you have more on your platter, you can dish out more as well. Providing bonus, or salary-hike, or other sort of incentive will only motivate the employees. This will also make them work harder for the larger good and you will have them retained with you for the long-run.
Be careful with excess money
They say that if you don’t care about money when you have piles of it, you are sure to deplete it in no time. Don’t get overconfident with the extra bit you have made. Always remember it is there only to help you fall back on when something goes wrong. Plan and channelise this money in the right direction.
Sometimes a small business can do wonders and reach great heights in very short time. The unexpected small business success can be a disaster if not handled wisely. Every business cycle has a death phase too after it has tasted some amount of growth. Therefore plan well and utilise the excess you have earned.