Ram Tumuluri “6 Strategies To Manage Fast Business Growth”
CEO Ram Tumuluri “Experiencing rapid business growth can be an exhilarating experience for a company. Fast growth isn’t always easy to manage, but taking a constructive, step-by-step approach will make it more manageable. Even during a boom, it’s critical to maintain control of the situation. Here are six strategies for keeping up with your fast-growing company”.
In this article
Be Strategic About Your Business Growth
Do a Growth Diagnosis of Your Company
Have The Right People in Your Business
Consider Financial Implications of Budget Planning for Your Business
Utilise Working Capital for Your Business
Focus on Your Personal and Business Key Strengths
Be Strategic About Your Business Growth
It’s wonderful that you want to grow your business, but what exactly do you want to grow? Your growth strategy should focus on specific areas. Common focuses of strategic growth initiatives might include things like growth in revenue or profit, growth of customer base, and expansion into new regions or locations, etc. The industry you are in and the target market of your organisation will also affect the growth strategies you choose to implement.
Do a Growth Diagnosis of Your Company
Organisational diagnosis is an innovative method for learning about a company on all levels, from the surface to the deepest hidden aspects that aren’t visible on a surface level. Depending on the wants, needs, and priorities, various diagnostic models can be used in different circumstances. The diagnostic models are designed to provide tools for breaking down an organisation into components to better understand it and visualise how all the parts function as a whole.
Have The Right People in Your Business
The people you recruit will almost always be the deciding factor in your company’s future success. Regardless of the features and benefits of your goods or services, your growth will not be maximised without the right team. Hiring employees who do not fit into your work culture can result in poor employee performance and lower job satisfaction. You must also assess the existing members of your team. Is the current manager capable of managing a team of twenty while they are only used to managing a team of five?
Consider Financial Implications of Budget Planning for Your Business
As your business grows rapidly, there are several financial implications to consider such as refinancing or borrowing capital, providing discounts to consumers for timely or upfront payments, and cutting costs by eliminating excessive overhead. Stay organised by forecasting future finances, profits, and sales. You’ll want to start developing healthy habits now and stick to them as your business grows.
Utilise Working Capital for Your Business
Working capital is needed for businesses to continue to expand and grow. A working capital financing loan will help you get the extra cash you need to take on new orders, add inventory, upgrade your manufacturing facilities, extend your office space, and recruit new employees. There is a range of loan options available, so do your research and find a loan that is the right size and has terms and conditions that meet the specific needs of your company.
Focus on Your Personal and Business Key Strengths
It’s easy to want to do everything all of the time. Or, at the very least, stay committed to improving skills that you believe will help you advance your company. However, it’s possible that you’re wasting time and energy attempting to transform yourself into something you’re not. Rather than attempting to improve at things you aren’t particularly good at, it makes more sense to focus on your strengths and use them to achieve better results.