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Thursday, July 9, 2020

C-Suite Agenda

Problems That Might Spring Up as Business Starts to Blossom

A small business has a particular rhythm, and it works well when you are small, but things can rapidly change as businesses begin to grow.

All of a sudden that same small business has to take on new harmonies and hit new notes. The following are some problems that affect small businesses as they begin to surge. With these tips, you will be better prepared to adapt to the new rhythm.

Growing Customer Lists

Small or big businesses are always going to be working towards getting new customers. A small business has a particular advantage over larger companies, and that is time.

A small business owner may be able to spend time getting to know customers and learning to meet the needs of each customer. This is something a growing business will simply not have the time to do in order to connect with new customers.

You are going to have to work on communicating the right material to the right people. This means you’ll have to first create a buyer profile, which describes your ideal customer.

Once that is done, have the marketing team come up with ways to target your ideal customers. Personalizing the marketing material as much as possible is your new way of connecting to others.

Finding Good Help

As your business grows, the harder it is going to be for you to take care of everything with just a few pairs of helping hands.

The problem is that many business owners make the mistake of just hiring the first person that comes in when it is better to make sure you hire the right person.

Searching, hiring, and training a potential candidate takes a lot of resources from a growing company, which makes it imperative that each person hired is just right for the business.

It would be a shame if each person hired just quit.

This is the reason working with a good HR analyst might be the right move because these individuals first analyze things, like a company’s culture and needs before finding candidates that would be a good fit.

Site no Longer Cutting It

Another problem some businesses start to have as their popularity grows is decreased responsiveness.

One thing a good online website host is supposed to do is ensure that a company’s page loads quickly and that users on your page always get a quick response.

The problem is that poor quality hosting actually gets sluggish if your site begins to have more visitors.

This could mean all sorts of things. For example, some visitors may notice that their page isn’t loading quickly enough, or they may hit errors. Frustrations like these are bad for your business because they usually mean those users are just going to grow tired and leave your site. What you want to do is first check with HostScore to see how fast your hosting service is compared to others.

The Cash Flow Problem

Another issue that can hit businesses that grow quickly deals with cash flow problems. Most businesses have outstanding loans that they are still dealing with as they are attempting to grow their business.

Higher demand may seem like a good thing, but this also comes at a cost because you have to meet those demands. At a time when companies are already dealing with large overhead, the cost of success could actually end up hurting them.

It is important that a growing business ensures that it has a plan to meet this particular cash flow challenge.

What a business needs are an accountant to come up with a plan that takes some of the pitfalls that you will likely deal with, like delays in collection of receivables.

Small business owners should also look to get pre-approved for additional lines of credit elsewhere without actually using this line of credit.

Businesses that depend only on a few big clients need to find ways to diversity because this could put you in danger since that big client could always leave.

These are just some things you need to pay attention to as your company grows, but there is so much more to focus on, like management, which will likely become a harder task, so make sure that you hire a good HR department to create a more effective management plan.

It should also be pointed out that now that you won’t be able to give customers personal support, you need to focus on employee training. Business owners need to help employees learn how to treat each customer according to the company’s overall spirit to help keep bad reviews at a minimum.

Hopefully, this information makes it easier for you to absorb and address some of the changes that come along with rapid growth.


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Ryan Miller

Ryan Miller

Global Assignment Editor
Ryan Miller is the Global Assignment Editor at CEOWORLD magazine. He covers anything and everything related to CEOs, CFOs, CIOs, senior management executives, business leaders, and high net worth individuals worldwide, whether lists or lifestyle, business or rankings. During his five-year tenure at CEOWORLD magazine, he has employed his expertise in data science across several roles. Ryan was previously responsible for data modelling and analytics, as well as secondary research, on the CEOWORLD magazine Custom Research team. He can be reached on email ryan-miller@ceoworld.biz. You can follow him on Twitter at @ceoworld.