Fast growth sounds ideal until you’re in the thick of it. The pressure is on, and everyone at the company is trying to keep up with the rapid pace of change.
Suddenly, there’s intense pressure to stay ahead of the curve and stretch your company’s resources to the max. Employees feel stressed out and overworked. Do they have the skills it takes to cope with such rapid expansion? Do your leaders have the right leadership styles to maintain the company’s business growth strategies?
How to Manage Rapid Business Growth
As your business grows, you’ll find yourself pulled in many different directions. And, there will likely be big challenges along the way. From cash flow crunches to operational inefficiencies, there are numerous potential issues that could arise from rapid business growth. Managing this rapid growth gets easier once you set timelines, streamline communications, and find the right tools. You need to stay focused on the end product, but you’ll be surprised at how easily it is to lose track of your goals and the big picture. This article will focus on rapid business growth strategies and help you learn how to manage what’s important.
Business growth puts intense pressure on your people. Employee burnout can happen faster than the company can hire new employees; plus, this creates a “brain drain” effect where your best and most loyal workers abandon the company in search of something less exhausting.
A recent study found that 79% of all U.S. workers have experienced work-related stress in the previous month. While some level of stress is to be expected, more than one-third of workers report burnout symptoms like work-related physical fatigue (38%), cognitive weariness (36%), and emotional exhaustion (32%).
Companies can minimize the growing pains by engaging with a business growth consultant who has experience with business growth strategy. Work proactively to prevent burnout before it settles in and erodes morale among your employees.
No Reality Checks
Fast growth makes it difficult to slow down and think things through. Employees are moving at such a rapid clip that there’s no time to ask sensible questions like, “Is this what we should really be doing?” or “Is this what’s best for the customer?”
This is another realm where a consultant can help a company develop business growth strategies that make sense in the real world. An experienced consultant reminds everyone of the organic growth business realities that shouldn’t be ignored, even during periods of wild success.
Lost Long-Term Focus
Short-term success sometimes clouds the long-range forecast. Everyone is so focused on the action that’s happening now that there’s no time to think about what’s coming a month or a year from now.
Is your company still doing strategic planning, or was it lost in the shuffle? Can you still attract, engage, and retain top talent? What about your succession plan? Your mission and vision statements? Carve out time away from the company’s day-to-day work to think strategically and maintain a clear long-term focus.
If tensions are rising amid the stress, put the focus on stress management techniques that help people stay calm, focused, and productive. Interpersonal tension often arises when one or more employees in the environment struggles with emotional intelligence.
Emotional intelligence is a skill that can be learned and practiced. The company can support this kind of emotional education by initiating two-way conversations that allow people to express their concerns and discuss workable solutions.
Poor Leadership Styles
Rapid growth calls for managers and executives with strong leadership styles that focus on communication rather than control. Encourage leaders to share feedback tactfully, resolve conflicts thoughtfully, and focus on working together as a cohesive unit.
Like emotional intelligence, leadership is something people can learn and hone over time. To do this most successfully, experts recommend engaging with leadership development programs, as opposed to traditional training programs.
How to Avoid Common Business Growth Strategy Pitfalls: Leadership Resources
Growth presents challenges and opportunities, so don’t miss out on your company’s chance to seize the reins and ride toward success. Handle this period of rapid change correctly, and it could lead to supercharged company growth that’s both manageable and profitable.
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