Tips to do when growth takes you by surprise
While growth may be something that you’re working hard for, it can also occur unexpectedly. The situation can be a springboard to success if you can capitalize on the opportunity, or it can be a real challenge if you are unable to keep up with demand. Here are some steps to help you manage unplanned growth:
- Fast-track your growth plan – If you expect the growth to be permanent, you need to have a long-term plan. Move quickly on all fronts to develop a strategy so that your processes and resources can meet higher demands.
- Use temporary resources – If the growth is only a temporary spike, you may be able to manage it with temporary resources such as outside services or facilities. These can also be a valuable stopgap to meet demand while you look for permanent solutions to longer-term growth needs.
- Slow down – Give yourself more time to gather the permanent resources you’ll need going forward by stretching timelines or temporarily slowing other areas of your business where possible.
- Stay profitable – Don’t let your business become overextended. Consider investigating alternative sources of cash, such as borrowing, tapping into emergency funds, injecting personal capital or speeding up your billing processes.
