Being the CEO of any business is challenging but launching a startup comes with a different set of difficulties than running an established corporation. Not only do you need to have a great idea for a new or innovative product or service, but you also need to give your company a stable foundation it can build upon. The key to building a successful business is slow, sustainable growth. Before you begin to grow your new business, ask yourself these four questions to make sure it is the right time.
Do You Have a Solid Customer Base?
Your company can’t exist without customers. You have to attract new customers and retain existing ones so you can maintain your client base and grow your business. If you have a loyal customer base, it may be time to expand your business by launching a comprehensive marketing campaign that can target new clients. However, if you’re still working on developing loyal clientele by improving customer service or adjusting your product or service to meet the needs of your clients, it may be a better idea to wait on growing the company.
Do You Have the Right Tools?
As you grow your company, you will have more administrative responsibilities. Adopting the right tools helps streamline administrative tasks so you can focus on other aspects of running a business. Project management software and phone systems are two great tools to help grow the company. Project management software allows you to track multiple projects easily and store all vital information in one convenient location. Having multiple phone lines makes your company more accessible to customers. Make sure you research how many phone lines you need to meet customer demand.
Do You Have Space?
You can’t work out of your home forever. If your business has outgrown your office, basement or garage, it may be time to consider renting an office space to give you more room to work. If retail and office space is limited in your area, you may want to hold off on growing your business until a space opens up. If you grow your business too quickly, you will likely find yourself overwhelmed while trying to keep up with client orders.
Do You Have the Right Employees?
Employees are the driving force of any business, and as your company grows beyond your ability to keep up with customer demands by yourself, you’ll need to hire people to join your team. You can choose to hire fresh college graduates or look for people who have years of experience in your chosen industry. However, it is a good idea to keep an open mind while conducting interviews so you can hire people with great personalities regardless of their skill levels. If you limit your interviews to candidates who fall into one category or the other, you may miss out on great potential employees.
If you want your business to be successful, you need to focus on slow, sustainable growth. Make sure you can answer “yes” to each of these four questions to make sure it is time to take your company to the next level.