Having a fast growing business is a nice problem to have. However, if you’re concerned with growing faster than you and your team can handle, here are a couple of suggestions to keep the business rolling and not closing:
- Don’t take the profits from the business and fuel them back into the company for marketing and/or revenue generating purposes. Take the excess cash and upgrade your facilities and equipment to be able to handle future growth. Then when you’re ready to scale back up, you can return to promoting the business.
- If self control is the issue because you get excited about the growth of the company, find your capacity limit. Bring on an adviser or team member who can monitor your growth and let you know when you need to slow things down and shift focus. There is nothing wrong with seeking someone to assist with a little accountability.
- If production is an issue, collect the money for the orders up front. Having a prefunded product will help be able to hire additional help when needed. Explore the possibility of partnering with a temp agency to help bring on short term help.
- Think about raising your prices. If what you do is just overwhelmingly popular, take the opportunity to make some extra cash (and extra profits)! Think about those supply and demand graphs they showed you in school. You might have a case when the price point can be a little higher and people will still be willing to buy. Even if you drop a couple of customers, you may still have more revenue and then less work load.
Posted in: Growth Strategies