Growth is something that businesses often mark as a top priority and crossing over from the category of small to medium-sized business is huge. It signals that what you’re offering to customers and clients is landing and you’re making a name for the company. It also means there is plenty more to be uncovered and perhaps the ultimate goal is to transition to a larger business, but one step at a time.
As the company moves from a small to a medium-sized business, here are some top considerations to be mindful of.
What’s Your Plan for Hiring Additional Employees?
A big part of growing your business is recognizing when you need to hire more staff. There comes a point where the current employees are maxed out in terms of available time, resources, and knowledge. Ideally, onboarding happens before this point so that employees aren’t stretched too thin but that requires a plan.
You’ll need to consider such things as how many new employees are required, what departments will they be placed in, what specific roles will they be hired for (job title), what are the skills and experience they need to bring to the table, how will you tackle training, and do you have the space and equipment ready for new hires so they can hit the road running?
As you can see, it’s a big task, which is why this may also be the right time to hire a dedicated human resource specialist who will deal specifically with these issues.
Have You Outgrown Your Current IT Systems, Hardware and Software?
Another consideration is the hardware, software and IT systems that worked flawlessly for a small business but are now struggling to cope with current demands. As your business grows, it’s only natural that its needs evolve. What cut it for your streamlined workforce before is no longer good enough and may be hindering the company’s productivity. Overhauling your current hardware, software, network, and so forth can be extremely costly and require a lot of know-how, which is why so many choose to outsource and employ professional business IT services.
What can business IT services do for you? The list is long but some of the services can include adding new users/employees to the network, IT support for employees, network monitoring, equipment leasing or purchasing, server maintenance, virus protection, data backup, compliance management, and much more.
What Is the Plan for Funding the Growth?
Expanding and growing a company ideally leads to higher profits, but to get there you’ll need to first invest in the company. Funding will be needed to pay for the growth, as you may need to purchase more equipment, upgrade hardware and software, lease a bigger office space, spend more money on advertising, procure additional products and materials (manufacturing-specific), and so much more.
It’s an Exciting Time but There Needs to Be Direction
It’s easy to get wrapped up in the excitement and promise of business growth but you also need to keep your eye on the goals. There needs to be a thoughtful plan in place with steps that are carefully laid out.