While it might sound a bit backwards, often it is the case that new companies are taken down by their own growth. And if you’re not ready for it it might happen to you. We have seen many companies with huge amount of success who have fallen by the wayside after not being able to expand quickly enough. It goes like this: A big client comes on board, only to have the team crumble as they struggle with the increased demands for work. In the meantime, invoices are waiting to be paid and so sacrifices have to be made. Before you know it you’re handing back the keys on your office.
As well as being able to scale up a team quickly, companies need to have access to the right kind of cash flow, growth planning, office space and financial capacity. Great growth might not be the easiest thing to negotiate but it’s not impossible, and we’re going to show you just how to do it.
Know what you want to achieve with your business
It went a little something like this. Alice is wandering through the forest and she’s lost. She asks a mysterious Cheshire Cat,
“Would you tell me, please, which way I ought to go from here?”
“That depends a good deal on where you want to get to,” said the Cat.
“I don’t much care where—” said Alice.
“Then it doesn’t matter which way you go,” said the Cat.
“—so long as I get SOMEWHERE,” Alice added as an explanation.
“Oh, you’re sure to do that,” said the Cat, “if you only walk long enough.”
The story of course is Alice in Wonderland and it’s a great lesson for making sure you have a goal in mind before you start anything off. If you don’t have a goal you can just keep working away and, while you’re going to get somewhere, it probably won’t bring you closer to where you want to be (because you don’t know where you want to be).
Examine your growth potential
This means that you need to take a look at your company and imagine a period of growth and how you would manage it. Do you have the office necessary? If you aren’t sure about the office space that you have, a good scalable option is a serviced office. Not only are they fully set up but you can expand to take on more space (or shrink when you need less) as and when you need to. For Offices in Singapore there’s a range of great serviced offices from companies like Servcorp.
Ensure you have sustainable growth
It’s all well and good to assess your company for growth, but what if this is a seasonal thing, or if it’s a one-time only thing? If that is the case the money you spend on growth is going to be wasted when demand drops off again. Be careful of tracking for trends and seasonal events.
Develop a strategy for your growth
Make sure you have a strategy in place which looks at your resources – both internal and external, the market as a whole, the economy (with forecasting), your competition, your offices or workspace, your marketing strategy and your optimum results.
Get a handle on your cash
You need to take a good look at your inflow and outflow for cash. When you do this you will be able to discover the future of your cash flow. Pretty simple stuff, right? You’d be astonished to discover how many people miss this step!
A good fiscal strategy means that you don’t spend money when you don’t have it. No company-wide upgrade of Mac computers, no big trips to Hawai’i when you can’t afford it, OK? Save it for when you have the money.
Just follow these steps and everything will be cool. You will enjoy exceptional growth and won’t be crushed under the weight of your own success.