Entering a rapid growth phase is exciting, but it can also be intimidating if you don’t have the right business processes in place to handle the change.
During a rapid growth phase, your company’s needs will seem to expand overnight, with several key areas significantly impacted — staffing, technology, infrastructure, and of course, your most critical business processes.
While it’s true that rapid growth is going to affect your business processes, sometimes those same processes can hold your company back from reaching its full potential.
Your usual business processes play a significant role in your ability to scale your company during a rapid growth phase. Poorly integrated processes will clip the wings of a rapid growth phase and make your company slow, inefficient, unreliable, duplicative, and redundant.
Most importantly, inadequate procedures will sabotage your rapid growth if you don’t address and fix the issue before it’s too late. Let us show you why this happens, and what you can do to fix it so your company can experience the full range of benefits a rapid growth phase entails.
Successful entrepreneurs will often talk about an elusive “tipping point” in their business. This tipping point is when their income goes from passive to massive.
What often precipitates this crucial tipping point is the optimization of key business processes. Many business owners anxiously awaiting a period of rapid growth often don’t realize that their very processes are holding them back from entering this phase of the business cycle.
Companies that experience extreme growth seemingly overnight can seem like they’ve come out of nowhere. But this is rarely the case.
A rapid growth phase can be ignited with a bit of tweaking and optimizing of specific processes that have gone stale or were never wholly beneficial to growing a company in the first place.
The leading hypergrowth and rapid growth companies don’t know any particular secrets.
What they do know is how to either discover a new efficient process or bring greater efficiency to a previously established process.
So, how can you replicate their success? Let’s take a look at the top four ways you can identify and optimize inefficient processes for your rapid growth strategy.
The easiest place to start is to look at your routine, repeatable tasks. These tasks are often crucial to the health of your business, but they may not offer many opportunities for increasing your profits.
Customary, repeatable tasks are often the easiest to build processes for, saving you time and money and allowing you to scale your business during a rapid growth phase further.
After you’ve identified the processes related to routine, repeatable tasks that are the most feasible to optimize for rapid growth, the next step is to name your key stakeholders and the parties who will be responsible for implementing changes.
If these three points aren’t working the way you want them to, determine who decides if these processes should be changed and how they are changed.
Who is the stakeholder responsible for approving the necessary documents, changes, and training new employees on these changes? It is critical that you identify these key players so you can start communicating, and make the necessary changes and protect your rapid growth phase from poor business processes.
Hardly anything in life goes smoothly, and building new processes for your business is not an exception to this rule. It’s a good idea to identify any plausible future roadblocks and figure out ways to prevent them from happening in the first place.
Look at areas in your business processes that are slow, or seem to take longer than they reasonably should, and see if making a few tweaks here and there can expedite things. Also, can you cut any steps that are slowing you down, without compromising safety, quality, or your staff’s sanity?
Don’t be afraid to get rid of something that isn’t working and is probably holding your company back from reaching its full potential.
You may also have a few inefficient tasks that must be done internally, but can any of them be outsourced? This can save your business time and lower your overhead costs, too. Look into reliable technology and digital tools that you can implement to speed up your critical processes.
When you have optimized and efficient processes are in place, it will be much easier and quicker to onboard new staff members during this period of hypergrowth for your company. New business processes can help your staff get up to speed quickly while maintaining the quality of your deliverables.
The knowledge and the speed of your people are crucial to hyper growth and rapid growth phases. Completing the first three steps outlined in this article will enable you to give your staff the tools they need to allow your company to scale and achieve success in a rapid growth cycle.
Is your company about to enter a rapid growth cycle? We understand the unique challenges facing companies during this crucial time. Our team at Mogel RPO specializes in working with companies that are preparing to enter a stage of rapid growth.
If you want to ensure that your business processes are enabling you to grow, and not holding you back, give us a call today or contact us online. We’ll be glad to discuss your strategies for rapid growth and create a plan for optimizing your key business processes in anticipation of this exciting business phase.
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