While most start-up SMEs are working towards the growth of their business to make maximum profits, there are also those who already have a rapidly growing business & only seek ways to manage & control their growth. Following a few careful measures can surely help SMEs give their competitors a panic attack.
Included here are some quick & useful tips for managing growing businesses:
Delegation of Tasks: To keep your growing business right on track & to ensure that you work in line with the original ideas you had chalked out & do not get lost in your stride for success, there is a need for constant & timely directions. Delegation of tasks that others can manage is essential here, since it frees up your time for directing more important processes.
Ensure Staff Satisfaction: It is important for SMEs to understand that happy, passionate & motivated staff is your biggest asset, especially for a rapidly growing company. You look after them & they look after your customers ensuring long-term businesses.
Price Hike: For a rapidly growing business, there is a need to establish balance between supply & demand. While you would not want to upset relations with your reliable & longstanding clients, at the same time you also need to make sure that you are not underselling your efforts.
Have Selective Clients: In order to make sure that your business is on the growth track, you need to be very selective with your clients. It is better to have fewer valuable clients than to devote your time on businesses with false economy. There is no harm in turning down business associations as far as you are honest & not rude.
Track your Cash Flow: The reason for most growing businesses to fail is their poor management of cash flow. Most SMEs end up offering higher credit terms to clients than they get with suppliers. As a result, the cash dries up before you even have a chance to recover. Thus, a regular check on cash flow is mandatory.
Keep Outsourcing Options Open: If you can find options to have your work done at cheaper costs & yet as effectively, you can always go in for outsourcing. However, make sure that you follow up on the work to maintain a similar level of service. This way you can have ample time available for managing other areas of your business.
Shout Out Your Success: There is no harm in letting your customers, competitors & everyone else know about your business growth. In fact, customers always tend to associate with businesses which have an accelerating growth graph. Also, this gives your competitors ample reasons to be nervous!!
Contributed by Sushmita Kalashikar
For assistance in any of the above tips email us on media@smejoinup.com
SME JoinUp Blog (2012) 