Surprising Problems With Growing a Business
Hands up who wants to grow their business?
That’s everyone, then? After all, who in their right mind wouldn’t want to earn more money, become a bigger and better business, and enjoy a lot more demand for products and services.
However, whilst growth should always be a goal, there are plenty of unexpected problems that many small business owners don’t think about. In fact, many companies have crumbled entirely under the pressure and extra challenges that expansion causes.
With this in mind, we’re going to take a look at them with you today – so read on to find out more and, if you are trying to grow a business, be wary of the following issues:
The effect of change on employees
Change is not always a good thing in business, and it will affect lots of different areas. Running a small business is a very different experience to being at the top of an enterprise, and there will be many shaken feathers on the road from one to the other. For example, employees who have been with you on your expansion journey can feel bewildered, confused, and worried about their positions. You will have to make increasing demands on them, which can lead to stress, morale issues, and possibly even in-fighting. Push too hard and they will leave, meaning your remaining employees will have even more on their plates. Tread carefully when dealing with your staff or those first cracks could be enough to rupture your growth altogether.
As a small business, people buy from you because they like the way you operate. Maybe you give them that personal touch, or perhaps your clients like dealing with a local organisation. Regardless of the reasons, when you start growing, it’s your loyal customers that are likely to notice. You might not have the time to give them that one-on-one service, or your staffing levels could cause serious issues with your ability to meet demand. Ultimately, you won’t be able to please everyone all the time anymore – and it could result in a decline in your service, product and service quality, and your customer loyalty levels.
When your business grows, it makes sense that your assets, inventory, and customer numbers do too. The trouble is, things can get out of hand incredibly quickly if you aren’t properly prepared. You will almost certainly need to start paying closer attention to your stock levels, for example, as your warehouse and storage areas will quickly become a mess. You might need something like enterprise asset management software to track and trace your assets, too. A lot of small business owners get caught out here, so make sure you don’t make the same mistakes that many have before you.
Your love for the business
Finally, be wary that when you expand your business, it’s almost impossible for your role to remain the same as in its current form. And if you love dealing directly with customers, being there for your employees, and taking an active role in everything, you could be in for a shock. Managing large companies requires top down thinking – and a more hands-off role. It’s not for everyone, so make sure you are 100% certain you are doing this for the right reasons.