3 Tips to Grow (and Keep Growing) Your Company
While the goal of every business is to grow, it’s nearly impossible to know how fast it’ll come or how extensive. Unless your hidden talent is seeing the future, a good amount of decision-making will be based on calculated guesses. Your choices, though, should not only be based on what you need now, but also what you might potentially need down the road – without overshooting your target and spending too much.
There are a so many factors to consider when developing your business, from everyday decisions to long-term goals. But there are at least three long-term decisions that can help you advance throughout the years.
- Opt for expansive software and streamlined processes.
Finding a quick solution may solve an immediate technical problem, but can sometimes cause severe issues later on. While you won’t always know what the tech world will put out in even a year, try picking a platform and/or suite with more than what you need at the moment so that it can keep up with future growth. The consequences of not always looking ahead is that your entire company could build up too high on an unstable foundation, causing crashes, mishaps and unmanageable technical problems that affect your entire day-to-day work.
- Invest in acquiring good employees – and retaining them.
As you grow your business, it’s essential to have a team that can support the expansion. When you pursue candidates, take a close look at not just their experience and knowledge, but also how well they fit with the company culture. Otherwise, they may disengage and look for a better fit somewhere else. Once you’ve attained your dream team, take the extra steps to ensure your investment in time and training is not wasted by fostering a supportive environment. High turnover rates can cost you more in the long run, and the tribal knowledge and hands-on experience those employees take with them can never be bought back.
- Be objective in your leadership and decision making.
Trusting your gut is an essential skill to master when developing your company, but don’t mistake pride for intuition. Before making a big decision, listen to your middle management and their thoughts on how a change will affect their teams’ responsibilities. If you’ve hired someone for their knowledge in a specific field, then it’s in your best interest to trust their recommendations. Otherwise, what good is it to bring them in if you won’t listen to their advice? Change and the unknown can make anyone uncomfortable, so do exercise your instinct with confidence – but also look at your hunch from an outside perspective. Is it the right move, or simply the one you feel like making without any data support?
Of course, there are many other ways to prepare your company for growth. Remembering that growth is certain, regardless of size or speed, can help keep perspective on long term goals.
David Chase, Managing Partner at Advanced CFO, has experience in small to medium private companies and large public companies as a senior operational and financial leader. With nearly 20 years in finance, a CFO of multiple entities and divisional EVP experience, Dave has a breadth of experience. Dave has led or been instrumental in raising multiple rounds of equity and debt in excess of $0.5 billion.