Being realistic about the needs of a growing company means understanding that what worked for a small team won’t likely translate in a larger company. Successfully scaling a business requires entrepreneurs to build a strong foundation with the right team, policies, and management structure to allow for new growth with minimal sacrifices. After all, innovative entrepreneurs don’t just expect the unexpected, they create it.
Let go of the “entrepreneur” mindset – Naturally, most entrepreneurs have much more experience in startup environments than they do in large businesses. So it’s not surprising that moving away from the startup mentality would be jarring. Growing a successful business often leads to new demands that can make an entrepreneur uneasy and tense. As companies scale, policy shifts can quickly transform the intimate startup with a scrappy team into a seemingly faceless corporation. Entrepreneurs may find that they aren’t cut out for the next step and jump back into the startup pool. It’s essential to determine if you are ready for the steady stream of changes and improvements that you’ll be faced with daily if you stay on board to manage this transition.
Invest in company culture – As companies scale they often focus on product and end up relying on their original team to keep the company culture in check – a textbook example of what not to do. The employees who are great at building a business often don’t have the necessary skills to launch a business to the next level (and sometimes aren’t interesting in learning). Because of this, it can necessary to upgrade not only processes as companies scale, but also team members.
During this growth management phase, hiring mistakes are common. However, such mistakes are costly, time consuming, and create stress within your company. So take your time and remember to assess attitude as well as skills. Hire slowly and fire quickly. Building a company culture is more important than filling a position immediately. Try out multiple recruiting and onboarding strategies until you find the ones that work best for you. Just don’t let high employee turnover get in the way of operational standards or customer relationships.
Offer benefits that will improve your team – Job seekers love perks. As turnover rates continue to climb, offering extravagant perks is a way to lure in new recruits and keep current employees happy. A recent study found that 56 percent of employees reported that perks were important to them when evaluating a job. Extras such as flexible work hours, gym memberships, and catered lunches were among the perks that respondents were interested when considering employment opportunities.
Once you do have the perfect team, make sure you’re able to continue managing them efficiently. As companies grow and evolve, it’s helpful to think of the business as a fluid form where the focus can be shifted without compromising the structure. The theory is that those who are able to manage and create demand will come out on top. The emotional benefits that employees will receive often prove to be as important as the financial ones.
Reassess your business technology needs – Growth requires investments and technology is often the first thing you’ll outgrow. Business Intelligence (BI) programs, Project Management software, and CRM systems, for example, are often in need of an upgrade as your business grows and you add users. How will you manage Mobile Device Management (MDM) or Bring Your Own Device (BYOD) practices now that the team is not as close-knit? Ask yourself if your current solutions are specific to small business or if they’ll be able to accommodate your future needs?
As the team continues to grow and new specialized positions are brought on board, HR software solutions are a valuable investment. Taking advantage of HR software tools will ultimately enable your management team to embrace new industry trends, like mobile and social collaborations. Leaving them less likely to become complacent, and better equipped to help you grow your business.
