You’ve done it, you were able to get an idea off the ground, and now you’re seeing your hard work paying off. However, often, this sudden growth spurt can be one of the most dangerous situations a new entrepreneur can find themselves in. Success comes in quick and without any notice often surprising business owners so greatly that they lose focus and thus lose what had made their business great. Therefore, we’ve compiled some of the best ways to handle these sudden bursts of business growth.
Gain New Clients, Keep Old Clients Happy
In the event that your growth spurt has come through the acquisition of new clients, it is understandable to want to roll out the red carpet for each and every one. Although new clients must be taken care of and shown why they made the right decision to be a part of your company, it is vital not to forget your old clients. Your current clients are just as important and must be looked over with the same observational intensity that you have placed on your incoming clients. Failure to do so can dramatically decrease your monthly revenue.
Hire the Right People
When it comes to finding the right people for your company, it can be a huge internal battle between getting things done as fast as you can and actually wanting to vet your candidates properly. It is crucial, especially during a time of growth, that you bring on board the right employees. The wrong employees can easily bring your sudden growth spurt to an abrupt halt. One of the best methods of interviewing each candidate is to simply administer a pre-employment test. Pre-employment testing can help companies improve employee retention rates by comparing candidate skills with the demands of the job. This provides you with the time-saving method of vetting your candidates that you desperately need and a method that provides more accurate results than simple five-minute interviews.
When it comes to the survival of your business, leave your ego at the door. Admitting that you don’t know everything will allow you to go through this experience much faster and stronger. This can be accomplished by seeking a mentor, preferably someone who’s been in your line of work and has gone through a similar experience. Help yourself; you don’t have to do this all on your own.
Seeing success within your business can be one of the best feelings an entrepreneur can experience. However, that does not mean the work is done. Simply adhere to the tips above to avoid falling into similar dangers pits as other business leaders have done before.
Has this first taste of success got you craving more? Talk to us today about how we can multiply your reach.