3 Tips for Managing Rapid Business Growth
Managing rapid business growth is challenging. But, if you don’t handle your company’s growth carefully, your overwhelming success could actually be your downfall.
If your business is going through a period of rapid growth, or you’re expecting a period of rapid growth in the near future, it certainly pays to have a few management strategies tucked under your belt. In this blog post, we’ll take a look at three top tips for managing the risks and challenges associated with rapid business growth.
1: Know when to hire
Making the transition from sole trader to hiring your first member of staff can be tricky. When do you hire? How do you know when to hire? Who should you hire?
If you can no longer manage your workload alone and you’re having to turn down work as a result, or you are lacking the skills necessary to develop your business further, it could be time to hire someone to help you develop your business further. If you think you’re ready to hire, read the blog 6 Things You Need to Think About Before You Take on Your First Employee. It includes some great advice relating to the areas first-time employers tend to forget about, including employment regulations and insurance requirements.
2: Embrace technology
Making the most of technology (automated apps in particular) can help you better plan for, and manage, your rapid business growth. From file sharing and document management tools like Dropbox, to Xero, the cloud-based accounting software for small and medium-sized businesses, there are literally thousands of tools available to help you manage the rapid growth of your company.
3: Track and chase late payments
Managing cash flow with precision is crucial, especially during period of rapid growth when you may be expanding faster than you’re being paid. If you’re experiencing problems with late payments, it’s essential to track and chase each and every single invoice you send out to keep your cash flow steady and healthy. Chasing invoices is incredibly time consuming, but there is a solution – the aptly named debtor chasing solution, CHASER.
Award-winning Xero Add-on CHASER helps SMEs by automating the invoice chasing process, leaving you free to focus on what’s really important – managing the rapid growth of your business. According to CHASER’s research, their average user gets paid 26 days faster using this software. So, if you haven’t tried debtor-chasing software yet, it might be time.
We’re here to help you grow
As a Xero Gold Partner, UWM Accountants provides cloud accounting support and assistance to businesses of all sizes. If your business is going through a period of rapid growth, our financial experts can help with a cloud accounting service tailored to suit your needs.
If you would like to find out more, please don’t hesitate to contact us on 0113 231 020. Alternatively, complete a contact form and a member of our team will be in touch soon to discuss your requirements. We can’t wait to hear from you!