Growing businesses face a number of challenges. As a business owner enduring the growing pains that can come with business, you may be overwhelmed with daily issues or keeping up with demands, but if you are really busy and seeing constant business, that hopefully means you’re doing well…. it’s bitter-sweet. The most difficult part about the challenges of a growing business is finding the solution… and the solutions that worked a year or two ago may not work now.
Photo by Andrea Piacquadio
Being able to recognize the challenges that come with business growth is the key to continued success. In order to do that, you need to make sure that the approaches you take to find solutions to your growth challenges today won’t affect the growth of your business in the future.
Everything from retaining a loyal challenged, and fulfilled staff to remaining efficient in business processes, you’re going to face some unique challenges, so it’s crucial that you’re prepared to face and overcome those obstacles along the way. Those obstacles make businesses rely on digital platforms and apps to streamline processes and procedures and, thus, the business’s success.
If your business is growing and expanding, or you’re about to launch a new business, take a look at some unique challenges your business could encounter and their potential solutions.
Challenges and Solutions of a Growing Business
Solving Short-Term and Long-Term Crises
You may be running a business in perpetual crisis mode because daily challenges need to be resolved. But all too often, operating in that mode typically means that businesses spend too much time trying to solve those problems, taking time away from actually conducting business and thus losing out on potential profit.
Short-term crises are definitely issues that need to be solved immediately, but sometimes, they’re not as important as your other priorities in running your business. Sometimes solving certain long-term crises can prevent you from having those recurrent short-term crises.
For example, one of your business crises is that you continuously have upset customers. In running your business, you shouldn’t have upset customers on a regular basis. Your solution is to spend time calming the upset customer. That particular solution works, but it will only solve the problem in a short term.
Solving short-term and long-term crises is to solve the long-term ones that impact your short-term crises. There will be short-term situations or problems that just come with running a business, but some can be prevented by first solving the long-term crises.
A long-term solution to that crisis would be hiring the right salesperson or retraining your staff to effectively meet your customers’ needs while coming up with the correct processes to make customers more assured in the product or purchase.
Not Having the Right Systems in Place
All businesses run and rely on mass amounts of information. Everything from financial records and employee information to inventory management and marketing strategies information is key to the growth of a business. But a business can’t operate with all this information without the right systems.
Most businesses will adopt software programs and applications that handle specific areas of their business. The only problem with that is the high potential of information slipping through the cracks. The bigger your business grows, the harder it becomes to make sure that all information is shared appropriately and that all staff is aware of any changes.
The informalities of the procedures, policies, and documentation might have worked for a few employees and a small customer base, but because your business is on an upward trajectory, you need more formal systems in place as your business grows and your team potentially does too.
Invest in the right services that will meet long-term and short-term needs. Whether it be the proper calendar and staff sharing app, to the right accounting software for your company, making sure everyone knows what they are doing and has the right tools and software to do it is truly the foundational key to running a successful business.
Meeting the Increasing Needs of Customers
As your business grows, you will quickly realize that meeting the needs and demands of your customers may become harder and harder.
Businesses have always operated under the motto of “customers are always right.” According to Forbes, retailers learned from this term that the success of their stores depended on their customers’ happiness.
For the most part, businesses try to accommodate customers and meet their needs. The challenge lies in that as your business grows, your customer base grows as well, giving you a larger range of customers with unique needs and expectations.
Get to know your customers. Whether it be a healthy dialogue with your customers or analyzing customer data, understanding your customers and knowing what they want is going to be the key to meeting the increasing needs of your customers, and based on their feedback and your mission statement, try to change, grow and adapt as you go and grow.
Hopefully, this bit of information helps you along as you navigate your way through the challenging and always interesting world of business.