A booming business is great, but it will only be profitable and worthwhile if you're able to handle the rapid expansion. If you're ill-equipped to handle the growth, you could kill your business. James Sudakow, writing for Inc.com, nearly killed his business by letting it grow too quickly. His business survived and he has three tips to help other business owners manage their expansion:
- Growing quickly often means hiring new employees to help manage the workload, but rapidly hiring could mean that you're bringing on people who are below your standards, Sudakow says. He stresses making sure that you aren't sacrificing quality work in favor of creating more business.
- Being incredibly busy at times is a given for any industry, but being busy constantly will soon leave you running on empty. " The fear is that the rapid growth burns you out to the point where you don't have the energy to do the basics anymore even after the rapid growth ends," Sudakow writes. "I had a several month down period where I had no energy but was fortunate to recover."
- When growing a business quickly, you're left with little time to cultivate relationships with your clients. As a remodeler, you have limited time to build those relationships; don't let your rapid expansion let them fall to the wayside. Be sure that, as you grow, you are still giving each individual attention.