Even though fast initial growth might seem like something unconditionally perfect, a lot can go wrong if things happen too fast. While a startup company is designed to grow at a rapid rate, spiraling out of control is a present danger. On one hand, an increase in sales has a tendency to turn your irises into dollar signs, but on the other, a lot of changes and scaling has to take place in order to cope. So, how fast is too fast for startup growth?
The initial present danger of quick growth is the decrease of customer satisfaction, which has a potential of turning fatal. Once you’re overwhelmed with changes and the growing number of buyers, it is difficult to remain personal and tend to everyone’s needs. However, “The customer is always right” is a saying not to be taken lightly. You should, at all times pay attention to your potential and actual buyers’ needs and develop personal relationships with them – this will make them feel like they really do matter (and, as a matter of fact, they really do). Keeping them happy and in large numbers can be achieved by carefully choosing your representatives and meeting every single customer at least on a monthly basis; and this is more than achievable, no matter how over-encumbered you are with work.
Find a Mentor
You might think you can handle things on your own, based solely on your talent and research, but even if you excel at both, you lack in experience, which can be obtained through feeling it on your own skin. This would be the hard way, one that could turn dangerous and painful. The easy way of learning to swim in the sea of business world comprises finding someone with at least a decade’s worth of experience to guide you through the basics and perform a role of a helping wheel on your business bike. If you don’t know such a person, you’ll have to find one and offer them something. Now, while you can pay them for your services, chances are they won’t be looking for cold hard cash. Instead, offer collaboration, which, in itself, is a fantastic opportunity to establish new connections and open a couple of new doors.
Remaining connected, however, can be perfectly spiced up with remaining up to date with current trends. You can find a ton of information online on entrepreneurs and professionals that are dealing with similar issues. What’s more, you can exchange experience with likeminded peers on various online communities and blogs, which contain interesting and useful business articles with regards to your line of work. Furthermore, a lot of research can be done by following peer companies on social media websites like LinkedIn, Facebook, even Twitter. Keeping in touch and remaining updated work perfectly together, so why not connect the two?
Have more than a Short-Term Goal
The fact that the nature of a startup is a fast growing one doesn’t necessarily imply that you do not have to think ahead. On the contrary, in order for this type of a company to reach success, you have to have a long-term vision and mission, a series of medium-term objectives and short-term goals. This will support the fast growth of your company.
Startup growth can be overwhelming and potentially damaging if it happens too quickly. Pay attention to your customers, find a good mentor, don’t refrain from connecting and collaborating, stay informed and have both long and medium-term goals, in addition to the short-term ones. Follow these guidelines, and we guarantee you that you’ll reach success in no time.
By Nate M. Vickery
Nate is a business consultant from Sydney, Australia. His fields of expertise are company management and efficient work environment through latest technology trends, as well as internet marketing. He is also an editor in chief at bizzmarkblog.com.