Signs Your ‘Small Business’ is No Longer Small
Business growth is what most company owners hope to accomplish.
Business growth is what most companies hope to accomplish. Growth provides companies with greater resources and access to capital. However, when it occurs too rapidly, small businesses can become strained and face obstacles accommodating new consumer demands.
1. Your Orders are Rising Quickly
When demand for your products or services are skyrocketing, it can be difficult to keep up with new orders. If you can manage your inventory and cash flows, rising demand can be to your benefit. However, this requires you to plan out your finances. For example, you may not receive income from your new orders for a period of weeks to months. To avoid cash flow issues, consider invoice discounting or leasing out manufacturing and office equipment.
2. Human Resources are Stretched Thin
If your workers are now taking on double shifts and you are having difficulties filling your work schedule, your company’s new workload may be placing an undue strain on your employees. To avoid a high turnover rate or burning out your workers, it may be wise to use your new resources to lower the burden on your staff. This includes hiring temporary or permanent workers to manage the new workload and offering bonuses or overtime to current employees.
3. Your Systems are Overloaded
High volumes may result in system overloads that cause processing delays and require you to spend more money than usual on maintenance and repairs. When you find your systems consistently crashing, it may be time to shop around for new software that can accommodate your new volumes and demands.