Many businesses face growing pains as they age and expand, and solving them head-on can be difficult. Very few businesses look the same on their two, five and ten year anniversaries, and even fewer make little to no changes as they grow.
Consider the following four common growing pains, and potential solutions on how to overcome them. Whether you have already faced these challenges or they could be coming down the pipeline, you can never be too prepared when it comes to your business.
Too Heavy of a Workload
Taking on too much at once and leaving yourself with too large of a workload is stressful, especially as your business is growing. This may come from an increase in business sales that requires you to multi-task and stretch you and your team thin. Or, this could come from wanting to handle all the responsibility yourself, and overloading yourself with administrative and managerial tasks. Perhaps the simplest solution to this problem is the most obvious; it might be time to employ more staff. Having your business take off is a great but challenging dilemma, and it usually means you need more hands to help.
Sales Rise but Profits Plateau
As your business grows, you’ll likely see your sales grow with it. But as the growth continues, you could find yourself spending more on wages, utilities, and even marketing costs that eat away at your revenue. Seeing profits plateau can be worrisome, but there are a few ways to potentially solve this problem. The simple answer to this could be raising your prices by slight enough margins that your profits increase enough without deterring your customers. Or, implementing an upselling strategy to encourage customers to buy additional relevant products.
Finding the Right Staff
Some of the success of your business is dependent on having the best people possible to represent you. Hiring the right employees at the right time can be difficult, but when you do, they can make a world of difference for your business. If you find yourself struggling to retain or gain these types of employees, you may need to review your hiring process, and consider questions like:
- Where and how are you sourcing candidates? Is there a better place to be doing so?
- What is the interview process like?
- How long does it take to hire a candidate? Is this too long?
- Do employees quit shortly after hiring? If yes, why?
- Is your pay and benefits structure competitive?
If you’re still having difficulties hiring after reviewing your processes, consider speaking to a recruiter or local staffing agency to help guide your search. Hiring people who see the value in your business and share your aspirations are the employees you will want to have.
Retaining customers and turning them into “regulars” is an important part of keeping your business growing. Once the allure of the newness of your business settles down, you’ll still want a steady stream of new and old faces coming through the door. There are a few different ways to retain customers, some of which may work better than others for your business type:
- Create an email list were you can email customers newsletters or promotions that you’re running.
- Encourage customers to follow your social media platforms to keep your business top of mind.
- Start a loyalty or rewards program to keep customers coming back.
It’s important to continually test what your customers are interested in, and test some of the ways you attempt to encourage them to come back.
For more ideas on how you can keep your business growth sustainable, make sure to take a look at our articles Payment Solutions That Grow with Your Business and Ecommerce Solutions You Can Implement On Your Own.
The information in this article is provided solely for informational purposes and is not intended to be legal, business or other professional advice or an endorsement of any of the websites or services listed.