A start-up is designed to grow fast, and although rapid growth is what every entrepreneur dreams of, most start-ups are not prepared for rapid growth. Here are some tips on how to manage a fast-growing company.
Medium-term goals – Although most business plans focus on short and long-term goals, it is also a good idea to look at medium-term goals. Medium-term objectives help to bridge the gap between short and long-term goals and provide a much-needed stepping stone. Medium-term goals will help a company look at what they need regarding people and resources to reach their long-term goals.
Keep customers happy – It is important that you never stop listening to your customers. Look at gathering as much customer feedback and use this information to improve your business.
Find a great mentor – A mentor who has experience in a similar business or industry can be a lot of help to assist you to guide your company in the right direction. Avoid letting your ego or your pride get in the way of receiving good advice and understand that every start-up needs a good mentor.
Have the right team – Having the right team working for you is your best bet to growing and sustaining your business. To steer the company in the right direction, look for team members that are ready to wear different hats and those that have worked in a startup before.