Each successful company may grow from small to medium, large and then hopefully very large. In each stage, the company must adapt to the new size of the business and respect its specific requirements.
Below are top tips to keep in mind:
- Give each stage its normal time and maturity; otherwise, you might have a premature growth that would backfire on the operations
- Don’t skip a stage. Some entrepreneurs get over excited and aim to skip a stage to fasten the pace. Better to channel your enthusiasm on writing the process instead of skipping it.
- In the small stage, focus the energy on the good management. It is ok to multi-task and guide people to grow. It is normal to have a fluctuating cash flow but keep a good eye on the numbers.
- In the medium stage, focus on the key people; they will be your support to grow to another level by delegating some essential functions to them. It is ok if they do mistakes… Give them a space to implement what they should and be their mentor to adjust the strategy when necessary.
- In the large stage the key word is system. Everything must be written, documented and backed up. At this stage you will have a clear structure, written job descriptions, specific goals and sharp accountability. It is at this stage that you may acquire good assets.
- In the very large stage, which is a successful continuity of the previous one, you must focus on strategic thinking. You will maintain the system yet start monitoring through reporting systems. Control your ego here; even the largest sharks fell from this stage. Keep research and development as a top priority. Market analysis is also essential to follow new consumer behaviors and to stay ahead of the competition.
- Always keep in mind that in each stage your strategy must be different to adapt to the new phase’s number of employees, location size and required investment. The main thing is to adopt a new management style with adjusted rules and regulations, marketing strategies and compatible workflow.
The process is surely not easy; that’s why experts are there to guide the way.
Have you pictured in which stage is your business? Now it’s time to build the right team of professionals to back you up!
Jade W. Dagher
Business & Wealth Strategist
Certified Management Consultant ©