You’ve heard the phrase “more money, more problems,” right? Well, the statement speaks for itself, especially in the world of growing small businesses. Most small business owners start out small… they wear all the hats and handle all the transactions, but as the business grows, a new set of problems and opportunities arise that call for different solutions.
Sure, when you first start your business, you’re going to face challenges but as your business expands, so will your approach to finding ways to meet your challenges… the solution to a particular problem may not work if the same problem arises now, simply because your business is on a much larger scale.
Scaling is the key term here. The solutions to your business’ growing pains need to be scalable, meaning that the solutions you implement need to be able to grow with your business and not affect any business growth in the future.
As your business grows, you’re going to experience challenges in keeping all your customers happy to figuring out how to increase production at the same efficient pace despite the larger numbers. Efficiency is what’s going to help your business thrive during its expansion.
If your business has hit this unique stage, congratulations are in order. But don’t celebrate for too long because you’re going to need all the energy and determination to face and overcome those obstacles. Take a first-hand look at some of the unique challenges your thriving business will face and the scalable solutions.
Challenges of Successful Small Businesses and the Scalable Solutions
Not Having Proper Business Management Systems in Place
In order to successfully run a business, you’re going to have mass amounts of information to process, and the basic tools of pencil and paper and a calculator aren’t going to get you anywhere. You’re going to need the proper business management systems in place to accurately process the mass amount of information you have.
The information that needs to be accurately processed will be everything from employee payroll and financial records to inventory management and keeping track of increases in sales. As your business grows, it’s going to get harder and harder to accurately track and share the information to ensure everyone is on the same page.
The system you had in place before might have worked then but because your business is expanding, you’re going to need a more formal system in place to solve your new challenges as a growing business.
Find an all-in-one business management system that meets short-term and long-term needs. Everything from supply chain and customer relationship management to human capital management and manufacturing, JD Edwards software is a management system designed to streamline your business and help it run more efficiently.
Meeting the Demands of a Larger Customer Base
When your business experiences growing pains, that also means that your business has a growing customer base as well. And with a growing customer base, that can only mean one thing… those customers have growing demands as well.
The demands of customers are growing at a rapid rate and their expectations are much higher than ever before and with the advancements in technology… can you blame them? According to Business Reality Check, in order to satisfy customers, research shows that companies need to build trust with the customer. So how do you do that? Take a look at the scalable solution.
Since trust is the solution, you need to make efforts to build and establish trust with your customer base. Getting to know your customer is a great start. Tap into who your target audience really is and promptly respond to any inquiries, interact with your followers on social media, or send out surveys to find out what they need and want. The key is to make them trust your brand in a natural and genuine manner.
Long-Term and Short-Term Challenges
As the owner of a thriving and growing business, you’re more than likely operating in continual crisis mode, and that’s not the way you need to conduct business. It’s understandable why business owners have this mindset, simply because problems arise all the time and you need to have your game face on to be ready to take on those challenges.
This type of operational mindset isn’t going to contribute to the overall success of your growing business though. If anything, it will slow it down. In the day-to-day operations of your business, you’re going to encounter challenges that need to be solved immediately and then you’re going to encounter challenges that can be resolved later that aren’t as pressing…
It makes sense to go on and solve the short-term issues that need to be solved immediately, to make it be one less thing you have to worry about for the day. But there is an even better solution… a scalable solution.
The scalable solution for long-term and short-term challenges is to go ahead and solve the long-term challenges. Why? Because in most cases, when you solve long-term challenges, it completely eliminates certain short-term challenges. By solving your long-term challenges, it will give you a better idea of the actual short-term challenges you really have on a daily basis, allowing you to work more efficiently.