Strategies for Managing a Fast Growing Company
Satya Nadella, CEO of Microsoft once said that, “Longevity in the business is about being able to reinvent yourself or invent the future.”If you’ve been part of a start-up that has experienced rapid growth, then you’ll understand how important it is to constantly improvise and build systems that measure qualitative factors such as customer satisfaction, day-to-day market learning and incorporating innovation.Of course, that sounds much easier said than done but it needs a lot of time, energy and effort from the Core team to bring change, embrace growth and scale up. Also, you will find yourself juggling between organizational and managerial changes while keeping up with an increase in sales.
Regardless of how beneficial or detrimental acceleration there has been, you have to sustain these challenging changes and you have to grow along. But, how do you do it? Here are some tips on how to manage a fast growing company basis my experience as a COO of Hum Fauji Initiatives.
Have a medium-term goal
Yes you read that right. When planning out business, people mostly aim for either short-term or long-term goals.But a series of medium-term goals serve as the stepping stone of the bigger vision i.e. marking a name for your brand and yourself. Many fast-growing business owners change their goals too often, never quite completing a plan before starting the next one. So set medium-term goals and deliver it. You can also seek short-term goals simultaneously like setting skills, gaining market experiences, business accomplishments, etc. that will help you achieve the medium-term objectives faster.It also helps the management team and works effectively to keep the pace of your brand ambassadors, the CFPs in case of Hum Fauji Initiatives. You facilitate your staff way this and it leads to a healthy work environment.
Keep your customers happy, always
Who do you want to see happy at the end of the day? Your customer. No matter what stage your company is, you can never stop listening to your customers. In fact they are the direct reflection of how your product or service is. So always find a way to communicate with them, get immediate feedback, and find a way to keep them happy. Put in place a formal approach to listening to customers all the time and acting on their input. In short, when customers are happy with your business, nothing can stop your company’s growth.
At Hum Fauji Initiatives, customer service and customer feedback is significant. We conduct timely trainings for our team to help them understand the consumer insights and preferences. It is also essential to integrate the company values in the entire team.
Build a good team
Having team members with right kind of skills is essential for a fast growing company. To maintain the structure, system and vision of your company, you need to recruit and hire the best people available so they can run each of their departments. By doing so, you can focus on the overall strategy. And once you form that team, you ought to develop an approach to managing your growth, possibly with the help of a mentor. In last 7 years, we have been guiding our team internally through one to one counselling and we also do it with the external experts who master the skill-sets that we want to inculcate in our team members as per the evolving ecosystem of financial advisory services.
Find a great mentor
As an entrepreneur, you have lot on your shoulders. A mentor with experience as an entrepreneur or business executive can take a lot of weight off your shoulders. You have the benefit of their experiences and the advice of someone who has been there before.When you are touring or busy pulling more and more business, your mentor can handle your teams and guide their projects. A good mentor with defined roles will any day add better productivity.
Subtract the old, add the new.
When it comes to business, there can be lots of factors or strategies that used to work but not anymore. You have to get rid of them. There are probably a bunch of things you’ve always done that slowed you down without you realizing it. It could be the systems your team use or traditional way of communication. You have to constantly think of modes that can put your employees into something more productive.
Managing a fast growing business requires constant changes in tactics and sometimes it involves tough decision making. This can involve addition and subtraction in the services we deliver, the territories we expand and also at times the people we work with –you have to be vigil and rational be it the choice of vendors or the team. Here I do not mean to be judgemental about the people you work with but I am suggesting about the dilemma a business owner has to undergo and how necessary it is to be rational about the larger business goal – the vision that you had begun with.
By applying the above strategies and learning to manoeuvre quickly will help your business grow and succeed. At Hum Fauji Initiatives, it is been a full circle of experiences, dilemma, an array of events where we go to learn & unlearn and the above is as per my experience as a COO of this amazing dream initiative I chose to be a part of – the Hum Fauji Initiatives.
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