It’s easy to feel a sense of accomplishment when you see your business growing. After all, it means you’ve built a business or product that people like and enjoy! But it’s important to continue developing and adapting in order to keep up with competing brands that are popping up more and more. But what are some things that most business owners don’t take into consideration when growing their business? Let’s take a look in our article below.
1. Consider Your Hiring Habits
As your business proceeds to grow, you will need to hire more and more people to fill positions that may or may not already exist. But the hiring process is something that can’t be rushed so you shouldn’t be in a huge rush to expand quickly. You need to take time to interview a number of candidates for the position you’re hiring for. If you rush and close on someone too early, you may end up hiring all the wrong people that don’t fit well with the company. This can set your company back both financially and logistically. Brand Hall Group, a human capital research and analyst firm identified several variables that go into calculating the cost to replace a bad hire. See below:
- Recruitment advertising fees
- Training fees for replacement hires
- Disruption to incomplete projects
- Lost customers
- Litigation fees
- And more here.
For the new positions, take the time to figure out what the job description will be and what they will be doing on a daily basis. This clearly defines the duties and responsibilities that candidates are expected to perform. Make sure to think about key personality and team dynamic qualities that you want in someone for this position.
2. Watch for Technology Trends
It never hurts to know what the next big technology trend or tool will be, especially when your competitors will be wanting it too. The most important thing you could do for your business is to keep your brand at the front of the game. Embracing the latest technology advancement can give your company the boost it needs to expand and actually put you ahead of competition slow to change or adapt. Using the latest tools is good for both your seamless operations and customer experience. You always want to be enhancing how you deliver service, which simultaneously gives your brand a modern image that draws customers.
3. Consider Outreach Initiatives
There is no better way to get to network with new people and potential customers than to be involved in a charity event. Besides donating or sponsoring events to get your business’ name and logo out there, it’s a great way for people to meet your team and learn about company values. Besides giving back to the community, outreach gives the opportunity to engage other businesses and build trust with potential customers.
4. Listen to Your Customers
Customer feedback is a critical factor in your company’s performance. To successfully grow your organization, technology and resources are tools for expansion, but the ultimate catalyst is a strong and growing customer base. If you want to continue developing your organization, understanding what loyal customers value about your brand and product is key. You’ll want to understand what drove them to you, what they like, and what you can do to enhance their experience. This lets you solidify customer loyalty, but also helps you develop plans to grow in a way that your business is even more desirable to new prospects. One quick and easy way to hear from customers is through a survey. Usually, though customers will provide feedback through a quick and easy survey.
With a growing business, your financial management needs to be aligned to scale. This is where Accounting Seed comes in. Schedule a free demo today to explore how Accounting Seed helps you manage finances your way.