A particularly challenging time for a business, especially a small, family-run business, is properly scaling the company. If you’re running a successful business, there’s going to be a time when you need to begin scaling and increasing the size of the company, sometimes rapidly. For a family business, it can be difficult to branch out and begin bringing strangers in who may be unfamiliar with the culture and the close-knit relationships of the family members working together. However, in order for your business to continue growing, you’ll need to scale the company and focus on the future.
Make a thoughtful plan
When you realize that scaling your business is imminent, it’s time to come up with a well-thought out plan for how to scale the company. One of the worst things you can do is simply hire more people and try to build out the business without putting careful thought into what you’re doing and planning out various aspects of the changes. If you begin scaling a business before you’re properly ready, you’ll end up completely disorganized with low employee morale.
Get your finances in order
Once you realize it’s time to scale your business, it’s likely because your cash flow and demand are increasing, so you need to adequately meet the needs of consumers. Make sure all of your finances are organized and your company has enough money to cover current expenses and the costs that come from scaling the business.
Conduct careful interviews
You might experience rapid growth, but it’s important that you do not sacrifice the integrity of your hiring process, no matter how desperately you need new employees. If you’ve hired well up to this point and cultivated dedicated employees, you’ll have people willing to put in the extra work as it takes more time to find qualified hires. Instead of hiring as quickly as possible, put thought into it and conduct thorough interviews in order to ensure the future success of the company.
Invest in technology
Even if your growth revolves around your product or service, it’s vital that you make sure your technology matches the scaling you’re doing with the business. Keeping technology up-to-date makes it easier to perform tasks more efficiently. As your business grows, if you rely on any kind of technology, you’ll need it to be updated to keep up with higher levels of demand and the amount of work being completed.
Don’t lose your culture
Finally, for small businesses and startups, they often have stellar cultures that employees love. It can be challenging switching from a small business to a larger one with more employees; some changes need to be made. However, it’s important to not lose sight of the reason your business was started and the positive, tight-knit feeling of a small business. It’s also important to keep startup energy going, no matter how large the company grows.