At Recycle Technologies, Inc. we take that responsibility seriously. From fluorescent bulbs to ballasts, electronics to batteries, and everything in-between, we want to be the first and only company that comes to mind when you’re in need of small or large commercial recycling solutions.”-Lydia Keith, CEO Recycle Technologies
Every new business or company anticipates growth. It’s proof that your business efforts are paying off. However, while business growth is desirable, it comes with a series of challenges.
As a business manager, you need to know that managing small business growth is essential to ensure that your business does not recede. You have to keep up with the increasing sales while maintaining the level of service and customer satisfaction you offer.
Managerial and organizational changes are inevitable if you must sustain this growth. Let’s review the steps to manage small business growth.
1) Get the Right Team
The future success of your business depends, to a large extent, on the people you are working with. Your business team should constitute people who are as talented or more talented than you. This is very important in managing small business growth.
In addition to your product and business strategy, your talented team members will help drive your company to success.
See if your current team members can handle the increased responsibility, or you may have to find new people who can. While you focus on the overall strategy, you need the best people to manage each of your company’s departments for the best results.
2) Focus on Your Strengths
Your company has certain areas of uniqueness and strength that you can focus on to increase performance and productivity.
You need to find out what makes you stand out from your competitors, as well as what your target audience needs, and concentrate on them.
Focusing on what you are good at increases your sense of satisfaction and boosts your overall company morale.
3) Listen to Your Customers
While managing small business growth, you should never stop listening to your customers. Consider your customers’ feedback and ideas, since they pay the bills and are the lifeblood of any growing company.
When customers are not satisfied or are unhappy with your company, you risk losing them, and that is bad for your business.
4) Give Business Space to Grow
Usually, small businesses start up with small spaces and then expand as they grow. If your company deals with physical products, in the event of business growth, you may need a bigger place to store your products.
If you do not have enough space for your products and materials, you may want to consider installing a temporary storage unit on your site if you have space, while you work on getting a permanent facility.
Also, if the more business you handle requires more materials, you’ll also need storage space to keep up with the increasing demand.
You can also rent a warehouse space off-site if you do not have enough space on your current site. This splitting may, however, result in logistical challenges, but you’ll at least get the space you need.
5) Manage Your Finances Properly
With business growth comes changes in revenue and cash flow. Managing small business growth also entails planning future financial decisions to stay organized financially.
You are at risk of mismanaging your business finances if you fail to adopt new budget plans and reallocate funds where necessary as your business profits rise.
You may need to hire new team members, replace broken equipment, or utilize unexpected opportunities that require spending money. Planning, however, limits your money surprises and makes it easier to handle business costs.
Managing small business growth requires changes or improvements as business increases. So, in order to avoid surprises, you need to be prepared for the challenges your business will face, deal with them effectively, and continue to grow your business.
Lydia Keith started at Recycle Technologies after the company was purchased in March of 2020. Her organizational skills, ability to learn quickly, and familiarity with government requirements and guidelines will be immeasurably beneficial to Recycle Technologies and its path forward in the changing and growing world of recycling.