| So Business Is Booming, Are You Prepared for Growth?

Posted in Small Business at 1:00 PM by Loftis Consulting

Growing a business itself can be very difficult. However, what’s even more challenging is being able to cope with the growth and scale your business so that you can accommodate the increase in demand. There are several considerations to take into account when business is booming, and here are just a couple of them that you should be thinking about. The last thing you want is to be unprepared for growth and, as a result, fail to capitalize on a winning business idea or strategy that you have stumbled upon.

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The Problem with Hiring

When you hire for your startup, you probably think about having a minimum amount of employees to do all the necessary jobs you have. Unfortunately, when it comes to scaling up the business it can be difficult trying to judge how many new employees you actually need. There isn’t an easy way around this and unless your workplace has an easy time working out how many employees it needs, it will take some trial and error. A golden rule to hiring is that you should always hire less than more. When you hire too many employees, you run the risk of overhiring and thus, spend far too much money on business upkeep. Your growth spurt could be temporary and if you overestimate your situation, it could spell disaster when you suddenly have too much staff.

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Are You Prepared For Legal Battles?

When you gain more traction in the business world, you also gain more attention. This attention can often be good. For instance, more attention from the media means more exposure, and more attention on social media means that you’ll get more customers. The more people talk about your brand, the better your situation. However, keep in mind that not all attention is good and you need to be prepared for upcoming legal battles. The first situation is copyright infringement or trademark violations. If someone is stealing your idea or duplicating your product, then you need to take action so that you don’t lose customers to imitations or copycat products. If you have a lot of employees and multiple streams of revenue, then you may also need an attorney for any tax matter if your financial department is falling behind or if you’re being audited because of the amount of income your business is generating.

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Have You Diversified?

Having a single killer product is a fantastic way to break into a niche market or overtake well-known competitors. However, it also limits what you can and can’t do. You don’t need to break into several different markets because you’ll be spreading your resources too thinly, but you also shouldn’t limit yourself to just a single item. For instance, if you’re selling a tech device, then make sure you have several different models, that you’re updating the software on a regular basis, and that refresh it every year to give people an updated and improved version. Don’t stick to just a single product—diversify and captivate a wider audience with your brand. If you’re unsure about where to take your product or what to work on next, then work on your business communication and listen to feedback or concerns from your customers.

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