Wilson Public Relations Founder + Chief PR Officer Beth Wilson is a proud member of the Business Journals Leadership Trust, an invitation-only network of influential business leaders, executives and entrepreneurs in your community.
Rapid growth is every business owner’s dream, but it can quickly turn into a nightmare if the team and the underlying business infrastructure isn’t ready to handle it. In the midst of the excitement that comes with higher sales and revenue, it’s all too easy for business leaders — especially new entrepreneurs — to overlook the importance of ensuring the company is prepared for and capable of sustained, ongoing growth.
From considering how the influx of new business will impact employees to being certain finances are fully in order, there are many bases for leaders to cover when a company is experiencing rapid growth. Below, eight members of Business Journals Leadership Trust discuss some important factors leaders of a booming business may overlook and how to proactively address them.
What Beth had to say:
Focus on scalability.
When experiencing rapid growth, businesses often focus on immediate opportunities and challenges, neglecting to consider how their current systems and processes will handle the increased demands in the long term. Key elements of scalability include strategic planning, streamlining processes (that is, optimizing them to eliminate bottlenecks and inefficiencies) and maintaining a client focus.