Once your business starts generating a profit, the typical next step is to focus on the next stages of business growth. However, rapid business growth is oftentimes more chaotic than one anticipates. It occurs within a short period of time and is a response to new opportunities and/or the implementation of a successful strategy. Many businesses have caved under the pressure of growing too quickly, and oftentimes it is due to not having the appropriate tools in place.
Tools for Easily Navigating Rapid Business Growth
There are several key factors that go into properly managing business growth, many of which are commonly overlooked. Here are some of the key factors every business owner should focus on and the tools that can help:
1. Managing Cash Flow
Managing finances tends to be one of the greatest challenges faced by entrepreneurs today. More clients, contracts, and orders means more costs associated with keeping up. If you do not already have an accounting system in place, it would behoove you to do so immediately! Here at HazeyTech we leverage Business Central by Microsoft.
Integrating your accounting software with a CRM can help save you both time and money. It provides better data, can increase your lead generation, and even improve productivity as it shares important information across platforms.
2. Customer Service
Aside from the great product or service you provide, your customer interactions play a key part in the growth of your business. Unfortunately, business owners aren’t always prepared to manage customer satisfaction when a period of rapid growth occurs.
Automating or outsourcing your customer service experience can assist in taking the pressure off managing day-to-day client issues. It allows you to offer 24-7 service, provide quicker response times, and can even assist with resolving common issues. Most automated customer service platforms will even integrate with certain CRM platforms such as Dynamics 365. This helps bring to light the more urgent items and allows you to monitor customer communications and histories.
3. Optimized Processes and Procedures
Most new businesses begin as a one-man show. When rapid business growth occurs, many business owners find it time to expand their team. This allows them to focus on big picture items, like planning out the next steps for your growing business. Without the right processes and procedures in place, however, you may find yourself spending too much time correcting errors and issues.
Implementing tools to assist with process mapping, analysis, frameworks, and automation will be the ticket to viewing your company’s operations from a higher standpoint. It will allow you to pinpoint issues and make corrections quickly and efficiently.
The Key to Successful Business Growth
Though there isn’t a secret formula for achieving instant success, there is one key piece of advice that will help. Make sure you hire the right team to help you reach your goals. Whether it be in-house, or through outsourced vendors. Determining and developing the assistance you need for appropriate growth will ensure the success of your company.
HazeyTech specializes in matching businesses with the right technologies for their needs. With fully customizable options, we can help ensure that your business is running at peak efficiency. Call us today for your free consultation.
