Is your company experiencing a period of hypergrowth right now? If so, congratulations! Many businesses strive to reach that level of success, but very few actually experience it.
Although hypergrowth is a great achievement for any company, it is also a very pivotal time. Businesses can become more vulnerable if they scale up too fast without the right infrastructure in place. However, if you plan ahead, you can successfully navigate your company during this difficult period.
There’s nothing more exhilarating than running a fast-growing organization, especially if you’ve worked hard and sacrificed for years before it became successful. Since the wrong choices can possibly derail the company’s growth rate, it’s very important that you implement the right strategies during this exciting yet difficult time.
A detailed strategic plan, flexible staff, and understanding of how to delegate important tasks without stifling or micromanaging employees can really help your company thrive. Do you have what it takes to survive and thrive in hypergrowth? Let’s find out.
Below are 7 key strategies that will help you successfully manage your business while it is in a period of hypergrowth.
One of the first things you should do is write down what you would like the company to accomplish during this stage. Then list out how you plan on achieving it.
Next, you should anticipate what you will need ahead of time to reach each goal.
For example, if you want to hire new talent you should think ahead about how you will adjust the company’s flat organizational structure to accommodate them. The right strategy may prevent your company from experiencing structural gaps during the hiring process.
Meanwhile, if you plan on expanding your product offerings you should talk to your accountant and ask them to analyze the company’s financial statements beforehand and offer advice. They can also help you determine whether the business has enough working capital or if you will need to raise additional funding from outside investors.
You should also plan to surround yourself with talented people who are versatile. The right team of people will make it easier for you to navigate this stage, especially if they have previous experience working in fast-growing companies.
Try to look for staff members with a positive attitude who understand their job requirements. Also, look for employees that are willing to roll up their sleeves and handle more responsibility when necessary. This type of flexibility is vital for any company that is growing at an exponential rate.
You should consider creating an official onboarding process for new hires so they can get adjusted to the company faster. Besides streamlining the hiring process, you can also develop enrichment programs to help employees improve their professional skills.
Micromanaging may seem innocent at first, but it can eventually derail the trajectory of your company’s growth. The next time you or another person feel the urge to micromanage, remember that it is counterproductive.
You have a finite number of hours in the day. As your team grows, you won’t have enough time to micromanage everyone.
Micromanagement sends the message that you don’t trust them to do their job. It can also lower employee morale and discourage employees from speaking up and coming forward with innovative ideas out of fear that they will be criticized.
The next time you are tempted to micromanage someone, just remember that your company hired them for a reason. Sit them down and clearly communicate your expectations and then trust them to deliver.
For example, let’s say your business has used Excel spreadsheets for inventory management over the last decade. That will be inefficient moving forward. Now, you want a new system that has more powerful reporting and analytical capabilities that can keep up as your company is growing at an exponential rate.
You can upgrade from Excel spreadsheets to an Enterprise Resource Planning (ERP) system. The software can increase your company’s productivity, improve efficiency, lower costs, and streamline several core business processes all in one platform.
Search for other business owners who personally understand what it’s like to run a fast growing company.
After you reach out to several founders and introduce yourself, ask if they would be willing to speak with you over the phone or meet in person to discuss your company’s growing pains.
Explain your situation and ask them for advice. They may be able to provide objective feedback and share great insight that could save your business a lot of time and money in the future.
Another strategy that can help your business during a period of hypergrowth is to create a culture that encourages employees to embrace innovation.
You can intentionally cultivate this type of “can-do” work environment by being transparent about the issues your company is currently facing. Make it easy for employees to speak up if they have an idea. Or you can offer employees incentives to be proactive and come up with solutions to their problems.
The success of every business depends on their ability to adapt in a fast-changing marketplace. Your company can achieve this is by remaining flexible like a lean startup even while it expands.
Try to think of ways that will make it easier for your team to reach a consensus and remove any bottlenecks that can get in the way of fast decision making.
For example, you can use a decision matrix so employees can promptly make decisions based on certain criteria. You should also study the competition and routinely communicate with customers to understand how the marketplace is evolving.
Is your company going through a period of hypergrowth? If so, please contact us today to learn how we can help. Mogel is a premier full-service business talent solutions company that focuses on recruiting the best talent for fast-growing companies.
Please log in again. The login page will open in a new window. After logging in you can close it and return to this page.