If you thought starting a business was hard, which it is, wait until you start your business and it starts getting successful.
The saying goes “more money more problems,” but not in the lavish lifestyle aspect, but more so from an operational aspect. As your business grows, you will start to see a whole new set of problems and opportunities in need of your attention.
To be fair, the problems of a growing business are ones most would think you should be glad to have simply because it’s a sign of your business’ success, and that is indeed true. But the only way you can fully embrace and appreciate the challenges of your flourishing business is if you have the right solutions in place to properly and effectively scale your business.
What does that mean exactly?
It means that the solutions you have in place for your growing business needs to be able to grow with your business. You can’t have a solution that grows with your business to a certain point before having to find another solution. If anything, you need to implement scalable solutions that can at least grow with your business for the next 10 years before needing a different solution.
Once you reach the point where your business outgrows your current large scaling solution, that simply means your business has reached an even bigger level of success that you can be proud of, including the challenges that will come with that! But for now, we’ll focus on the current level of success you’re experiencing now and discuss the challenges that will soon come and the scalable solutions to meet the needs of your growing business.
Take a look at some of the biggest challenges your growing business will face and the scalable solutions that will grow with your business.
Challenges of a Growing Business and the Effective Scalable Solutions
Failure to Implement the Proper Business Management Systems in Place.
The way you used to run your business might have worked for you then but with your business on an upward trajectory to success, you need a much larger system in place to process the large amounts of data and information your business is now bringing in.
Maybe before, you had a program for HR, a separate program for accounting, and another system for processing inventory management. Well, logging in to all those different programs might have worked for you then but on the larger scale that you’re on now. It’s downright unnecessary and frustrating to have to go through that process and it just leaves too much room for error.
For your growing business and the mass amount of information to process, you need something that will streamline the operations of your business.
A fully-integrated business management system is going to meet the needs of your business in its current transitional state as well as meet its long-term needs. Some of the challenges you’ll face in daily operations will include areas like supply chain and inventory management as well as CRM and financial management. You’ll need a more formal, all-in-one system in place like JD Edwards software to streamline and manage your business’ day to day operations more effectively and efficiently.
Meeting the Growing Demands of a Much Larger Customer Base.
The fact that your business is growing means that your customer base is growing as well. Unfortunately, with a growing customer base, that only means that their demands and expectations are growing as well.
Now, this isn’t necessarily a bad thing, if you have the right solution in place to meet their demands and needs. According to Business Reality Check, in order to keep your customers satisfied, you have to establish and maintain trust with your customers.
This shouldn’t be too difficult to do because you have a solid foundation of loyal customers but you’re also acquiring new customers as well. They may buy your product or services once, but how can you build that trust to make them repeat customers and establish customer loyalty?
Focus on engagement to build trust with your loyal and new customers. You have to remember that for every new customer you acquire, you have to make efforts to build that trust and loyalty with them to build credibility in your brand.
Interact with customers on social media, send monthly newsletters, and alert them of great deals. Also, your customers will want to know that you’re not just after their money. To project that you also want to help your customers, start a blog on your website to provide helpful information on topics related to the product or service you’re selling. It humanizes your brand.