HOW do you meet the challenge of growing a company while breaking the bounds of constraints?
Instead of looking at it as a negative, perhaps try and view a growth constraint as an opportunity to think outside the box, act differently and take the business to a new level.
Owners of SMEs and small businesses have enough hiccups without having to face growth constraints along the journey. Here are six ways you can overcome the challenges.
Figure out your hurdles
First and foremost, find out what the constraint is. One way to overcome a problem is to tackle it head-on.
To jump that hurdle you need to know what the hurdle is and how high you have to jump. Is it in marketing? Are your clients kept up-to-date on discounts, promotions, competitions? Is there an issue with staffing? Or customer service?
Keep up with technology
In an age of the smartphone and cloud computing, there is an app for almost anything. That does not mean there is an app to help overcome your constraint. However, there could be technology that solves your issues.
For instance, there could be a financial system that streamlines much of your data and payroll systems.
In an ever-changing world, what is hot today could be outdated in a few months’ time.
If it is more economical and efficient for your particular business, explore outsourcing of technical tasks as an option.
Build partnerships with other ventures
You could extend your business profile and expand marketing by linking up with other companies.
There could be a venture that is not a competitor but can complement your product. A partnership could work well for both enterprises in terms of referrals and market expansion.
Develop a solid structure
One of the dynamics of a start-up is that things come together as the business takes off. There is no structure. Start-ups can often be reactive. But this cannot hold for long and could restrict growth.
At some point you may have to start developing structure, roles for people and systems. These could become key factors for long-term growth.
Employ the right talent
As a small business owner, it is inevitable the entrepreneur takes on many roles because of financial considerations. So he or she may be the product development manager, the marketing manager, the sales manager and the book-keeper. But as the business gets off the ground and grows, taking on so many roles could hold it back.
As and when the business starts generating revenue, perhaps it’s time to employ key personnel so that the enterprise’s productivity is enhanced.
Let go and learn to delegate tasks
If you are too involved with the minor details of your company, you and your venture will not get enough time to breathe. Trusting your staff to take over responsibilities could be one way of letting go so that you have time of focus on developing long-term strategy and vision for your company.