With business growth, problems can feel difficult and stressful. It is beneficial to have a plan in place for when growing pains arise. Below we’ve created a list of 18 common obstacles to company growth and ways to deal with them.
1. Customer Retention
Research the reasons customers use your business.
2. Creating Effective Marketing Strategies.
Invest in a team of qualified marketers.
3. Sometimes You Need To Abandon a Strategy.
Learn from this failure to make the next plan even better.
4. Respond to the competition.
Focus on you and what has made you successful in the first place.
5. Tracking Overheads.
Manage areas where you could cut back.
6. Managing Cash Flow.
During a time of growth, use the methods that produce consistent sales.
7. Knowing When And When Not To Get Involved.
Sometimes it is better to let others take over.
8. Compliance With Regulations.
Hire a team or consultant to deal with these regulations.
9. Lead Generation.
Measure KPIs that are related to purchases within the company, then pump in additional resources to increase their revenue.
10. Evolving With Market Changes.
Monitor areas where there have been disruptions in the past.
11. Monitoring Business Performance.
Create a set of performance indicators, showing how your team and the business is performing.
12. Finding Key Staff.
Ensure new staff will gel with current employees and encompass the company vision.
13. Feedback.
Invest in a consultant that monitors online reviews.
14. Creating Company Culture.
Use company values to guide decisions your business makes.
15. Uncertainty With Growth
A good idea is to have short-term goals.
16. Holding On To Top Talent
Make your company a place staff enjoy working at.
17. Cyber Risks
Employing cyber protection to each aspect of the business is strongly recommended.
18. New Departments
Speak to your current team and get opinions of the possibility of new roles.
Read More: 18 Obstacles to Company Growth (and how to overcome them)