Quiz: Your small business is growing. But when work comes at you faster than you can handle, which strategy do you adopt?
- A. Take out a small business loan and go on a hiring spree
- B. Shut your business down for two weeks to catch up
- C. Panic and hope for a buyout
- D. None of the above
If you answered “D – none of the above,” you’re absolutely right. Because whether your company is growing quickly and consistently, or sporadically by leaps and bounds, you need to adopt the right strategies to sustain growth and keep yourself sane. Inc.com offers the following five solutions:
1. Find a Mentor
A mentor can provide tips on business strategy, help with networking efforts, or even act as a confidant when your work-life balance becomes lop-sided.
Stratus.hr suggestion: Join a local business group to connect with business owners who’ve been through some of the same challenges as you. In Utah, where tech is now a dominant figure on the landscape, organizations like Silicon Slopes provide great ways to learn from entrepreneurs who’ve been there, done that successfully.
2. Drop Dead Customer Weight
When your company is growing, you have the advantage of saying goodbye to your worst customers – the ones who are always pushing to get more for their money or making you spend far more time on their account than a less-demanding customer.
Stratus.hr suggestion: Start by saying “no” to requests that are outside the realm of what you would normally provide — you may find out that these “bad” customers don’t realize that they’re overstepping their boundaries. If that doesn’t work, have a sit-down with the client and explain why you’re ending the relationship. Even if you stop doing business together, it’s always best leaving the relationship on good terms.
3. Learn How to Delegate
Look for time-consuming and/or mundane tasks that aren’t critical to your core business, then find great outsourcing options. Spending too much time updating your website? Get a contractor. Wish payroll were as simple as writing a single check? Outsource it.
Stratus.hr suggestion: Human resources is a vital function of your business but it’s not one that directly contributes to the product you create, which makes it perfect for outsourcing. Our advice: partner with a PEO (Professional Employer Organization) that can scale with you as you continue to grow so you don’t need to stop and find another partner a few months later. In addition to payroll, a PEO like Stratus.hr will let you tap into competitive and affordable benefit plans, as well as risk management and compliance experts.
4. Hire Virtual Workers
If your workspace is busting at the seams with all the new growth, this thought may have already crossed your mind. Today’s technology allows telecommuting and working remotely more viable than ever.
Stratus.hr suggestion: Remote working isn’t right for all companies. If that’s the case for your small business, consider outsourcing less traditional tasks, too. In addition to outsourcing human resources, also consider using a virtual assistant or project manager. You’ll save office space and have access to certified industry experts. With the rise of the gig economy, virtual workers are easier to find than ever and are able to start quickly and scale with you.
5. Know What You’re Getting Into
Not every business owner wants the stress and pressure of a fast-growing company, so be patient. Do your research and conduct a well-thought-out strategy of how you’re going to execute your business plan.
Stratus.hr suggestion: You don’t have to know everything to run a growing business, but you do need to know how to surround yourself with experts in the field. For example — compliance. You don’t need a team of attorneys working for you, but you do need access to compliance experts who provide advice when you need it and can answer your questions.
Learn how a PEO can help your business by completing the form below.