How to Tackle New Challenges as Your Company Grows

OlufisayoNovember 9, 202001,159 views

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There are different stages of growth for every organization. During your first months as a startup, you are just trying to get new customers and let people know who you are. However, as you start to grow and take on more employees and larger projects, you need to have systems in place. The basic spreadsheets and loose processes from before aren’t going to work out on a larger scale.

Here’s how you can tackle new challenges as your company expands to scale with limited growing pains.

Establish data-driven decision-making habits.

When you first launch your business, you may be able to get by on decisions made with gut instincts. These are the choices you make based on your previous experience and industry trends. Analytics professionals have another term for this: beginner’s luck.

Entrepreneurs who use data to guide their choice are five percent more productive and six percent more profitable than those who make choices by gut instinct. While that might not seem like a major lead, these increases in productivity can have a major impact on the growth of your client base and your part of the market share.

To embrace data-driven decision-making, look for the right tools for the job. For example, Apache Kafka can develop a reliable data exchange between different components, allowing your business systems to communicate with each other and form a unified data front. Consider looking into what is Kafka to learn more about this option.

Make sure your company is protected.

As companies grow, the potential risks they can encounter will also increase. For example, a new warehouse could potentially get damaged by a tornado while a new brick and mortar location could get robbed. Set aside time and energy with each stage of growth to make sure you have the right insurance policies and protections in place.

One element you might want to consider within your protection plan is digital threats. If you have to fire an employee, they could make threats against your business on the dark web and in other corners of the internet. If these threats turn into actions, then the safety of your employees could be at risk. Look into a system like Life Raft, which scours the web and identifies any potential threats. It is better to catch them and know what is out there — even if they aren’t deemed credible.

Build your company on a strong cultural foundation.

There are many tangible metrics you can track within your business: the number of LinkedIn followers, clients outside the United States, etc. However, there are also intangible features that are also important for your company. Your company culture will determine how engaged and resilient your team members are. It will help you weather any growing pains and make decisions related to your team with confidence.

Gallup reports that higher engaged teams have a 21% higher profitability than companies with high dis-engagement. Furthermore, 96% of employees feel showing empathy is an important way to increase retention among team members. What does this mean for business owners? How you treat your people matters and can make or break your growth strategy.

Develop a standard for company culture within your team and make sure your core values are respected and implemented at all levels of the organization. It’s not up to the interns to show transparency and leadership — that starts with management. That starts with you.

Even the most prepared companies can’t predict the future and prepare for any hurdle coming toward them. However, if your team members are informed, engaged, and protected, then you can take steps to overcome issues and work to make your growing business stronger in the future.

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