Every company wants to get as big as possible as fast as it can, right? Not every one, actually. In fact, I would argue that the most successful businesses focus on smart growth rather than just fast growth. As I’ve discussed before, even fast-growing companies can suddenly collapse if they don’t plan ahead and keep a close eye on their cash flow and other critical business components.
Of course, there are definitely worse things that could happen to your business than rapid success, such as never having your idea catch on with customers. If you’re already doing a lot of things right in your company, then this post is for you. I’d like to show you how to be even better.
Here are three risks that you need to keep in mind as your business takes off. If you plan ahead, these can just be speed bumps on the road to long-term success:
1. Too Much Complexity. As a business grows, it becomes more complex. That’s just a natural law. For some companies, the shock of having to work with so many locations, suppliers and vendors can be too much. It’s hard to keep track of all that information with Excel or on paper. Business leaders usually need a way to automate their order management. Thankfully, there are software options to help growing businesses keep track of all their orders, inventory, finances and more.
2. Failure to Meet Customers’ Needs. As you branch out and reach new customers, you need to make sure you have the means to get your products to them quickly. Even if you build excitement about your products with potential customers, it won’t do you any good if you don’t have enough products or reliable supply chains. That’s where order management comes back in. Timing can make or break your customer service. As long as you can get the right products to the right locations in a short amount of time, you’ll keep your customers happy and hopefully coming back.
3. Not Enough Organization. Believe it or not, even the best entrepreneurs in the world can’t build a successful business by themselves. That’s why they hire employees who specialize in different aspects of running a business. Try to anticipate needs and, if you can justify the cost, fill new positions to meet those needs. For example, you’ll need a warehouse manager to keep track of your inventory and orders, especially as they keep getting bigger.
I hope I haven’t come across in this blog post as saying that success is bad by any means. I just think that when it’s coupled with a good plan, it leads to the best results. Instead of being a flash in the pan, your business can go the distance and keep growing for many years to come as you use smart order management tactics and do your best to satisfy your customers.