How To Grow An Established Business: Remain Patient -Timing Is Important

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You’ll intuitively recognize the right time to expand your business. Usually, this occurs after you’ve optimized your business and everything is running like clockwork. But it’s a premature move to make when you are still struggling to get your purchasing, marketing, sales, human resource management, accounting, and finance departments up to speed.

If you’re not ready to expand your business yet, remain patient. Timing is important. The expansion will occur as a natural function of the life cycle of your business, and it will show up when you’re ready to create equity value and align more closely with industry growth trends.

Of course, it’s also important to not postpone the time when you should move to grow your business. This possibility arises if you’re enjoying the stability of your business, something that may have taken considerable time and effort to achieve. With everything now humming along perfectly, you might feel reluctant to assume new risks.

But, here’s the thing: while equilibrium, stability, and predictability are always comforting, businesses, just like human beings, need to grow to survive. So don’t think of growth as an option, but consider it a necessity to ensure the long-term survival of your business.

Since business growth requires organizational restructuring, one good place to start is to streamline your hiring process and another is to redefine your corporate culture.

Streamline Your Hiring Process

Since you must hire more people to grow your business, it’s essential to streamline your hiring process as much as possible without skipping the steps necessary to find the best people.

When you have an open position available, you must identify the need for that position, publicize it, and review resumes. Since you might be inundated with resumes, especially if you have a lot of entry-level jobs available, it’s advisable to use a service like ResumeSieve. This is an intuitive job candidate evaluation platform that reduces the time to find the best candidates by ranking them according to your criterion.

After choosing the best resumes, interview the most qualified candidates, run an employer background check, and check their personal references. Finally, once you’ve selected the most qualified people, notify them and send them a job offer.

Redefine Your Company Culture

Since you’re bringing in new people, perhaps many people, you may have to change your company culture, expanding it to be a more flexible and accommodating culture.

It will be a little like transforming a village into a town, transforming an intimate culture where everybody knows everybody else to a place that helps newcomers quickly feel at home.

This transition from a small organization to a larger one will necessitate making new policies: perhaps making transparency top management priority to make it easier for new employees to trust senior management, perhaps developing an employee recognition program, and perhaps creating in-house social events to celebrate your employees.

Depending on your organization, you may also want to consider giving employees more flexibility, such as allowing technical staff telecommuting opportunities. Additionally, prioritizing job performance reviews may also need to be an important consideration.

Advantages of Growing Your Business

There are many advantages to growing your business at the right that will probably take you by surprise. First, your business will now find it far easier to acquire valuable assets. Next, your business will now attract the right people for the right positions with little effort. Then, your business will now be able to get more financing to fund your bigger, more ambitious projects. Finally, since your business is now larger, its capacity to perform will be greater, which will generate higher profits.