Every successful business grows; that’s part of the definition of success in America. With that growth come responsibilities, however. Here are four rules to keep your business on track:
- Don’t expand too quickly. Growth is great, but breakneck expansion can lead to a downfall. The annals of business history are filled with the corpses of businesses that operated with maximum profit in mind. Attaining a great profit is one thing, but over expanding to achieve it is another thing entirely. It hasn’t worked in the past.
- Keep your present customers completely satisfied before you add new ones to the company roster. If you can’t handle the demands of your present customers, you’ll only offer lesser service to future customers. Often, you’ll have to squeeze the new business into the gaps between existing customers. Everyone suffers in this scenario.
- Be quick to adopt the latest technologies. Tech helps improve productivity per employee. Just look at the time saved by using Online Faxing. Sending some paperwork over to another party shouldn’t require more than a few strokes on a keyboard, and with online faxing, it doesn’t.
- Promote the employees who best handle the increased demands of business growth. Bringing new blood on board is great, but by culling talent from the present employee roster, you’ll already have a realistic sense of one’s work ethic. You don’t want to promote the person who harps about working 41 hours last month. Get the one who was beaming after working 18 hours of overtime!
These four simple rules can help your business succeed and move to the next level. Growth is possible with proper management.