Managing Explosive Growth

Posted by: Rod Kurtz on August 27, 2007

The first five years of small business ownership can breed a unique set of challenges—especially for businesses that experience rapid growth. But growing pains in any small business can be lessened through proper planning and by considering the following tips:

• Continue to focus on delivering quality products and customer service
• Stay ahead of the hiring curve by being able to train new employees quickly
• Know which funding options will be the best long-term fit for the organization
• Find office and storage space large enough to accommodate rapid expansion
• Obtain sufficient servers, IT support, Web site bandwidth, etc.
• Ensure that corporate branding and messaging stay current

While not exhaustive, the best growth plans should incorporate some version of these tips, along with other factors specific to each organization. Having an idea of the challenges that can occur with rapid growth is a simple way to get the issues on the table and start finding solutions.

Todd Crosland
CEO
Interbank FX
Salt Lake City, Utah

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