Since launching my business I’ve seen business growth play out in many different ways. Sometimes it’s fantastic, with businesses taking off and flourishing. However, sometimes it doesn’t end so well. Some businesses have folded, others have suffered considerable losses—both financially and in terms of infrastructure.

So, why does this happen? When growth occurs too quickly it becomes unsustainable and overwhelms the business. Today I want to share my five tips for navigating fast business growth and overcoming the common hurdles.  

1. Ensure You Have the Right Business Infrastructure
Rapid growth can strain a business's infrastructure if it's not set up properly. Take the time to think about all the components of your business that keep things running smoothly - your people, skills, services, digital marketing, bookkeeping, financial management, and advisory team. There's no shortcut here! You need to take the time to think about all the cogs in your business machine. It can be the difference between sustainable growth and disaster.  

2. Master Your Financial Management
With growth comes increased revenue, but with increased revenue comes increased expenses, pressures, and liabilities. The best way to guard yourself is to connect with a bookkeeper and/or accountant who can help manage your finances. Even if you can manage your finances yourself, that doesn’t mean you should. Delegating these tasks lets you focus on your zone of genius.

3. Solidify Your Processes and Systems
Growth will test your business operations and without strong systems in place, cracks will start to show. Think about your client engagement, onboarding, service delivery, invoicing, revenue tracking, and expense management. These areas can make or break a business in times of rapid growth.  

If you’re not sure whether your systems and processes can handle increased volume, now is the time to reassess and strengthen them. Consult your accountant and business lawyer to help you identify weaknesses and make the necessary adjustments.

4. Focus on Team Acquisition and Retention
Rapid growth brings pressure and challenges that can overwhelm a business. For long-term sustainability you need a team you can rely on. Evaluate your current team, both employees and contractors, to ensure you have the necessary skills covered.  Do you have the right people in the right places? Are you leveraging their strengths effectively? By addressing these questions now, you can avoid issues down the line. 

5. Keep Up with Contracts and Agreements
During periods of rapid growth, it's easy to let contracts and agreements slide as you focus on immediate demands. It might seem like a necessary risk at the time, but it can cause major complications for your business. Take the time to prepare your documents now, so you're guarded against misunderstandings and misaligned expectations later on.

Fast business growth can be exhilarating if you’re prepared but devastating if you're not. By focusing on these five areas, you can set your business up for sustainable growth and long-term success! 

 
LINKS:

Episode Website: 

https://tmsolicitor.com.au/rise-up-in-business-podcast/my-top-5-tips-for-navigating-fast-business-growth

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