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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.
Salt Lake City, Utah
Want to improve the way you run your business? Entrepreneurs, academics, and consultants from diverse industries offer practical advice on a variety of topics each business day.
To submit a tip for consideration, first check our archive of previous tips to make sure you're not repeating a tip someone has already contributed. Then send the tip to Small Business channel contributor Michelle Dammon Loyalka. Because of the volume of material she receives, she may not respond to each individual.