There is no such a thing as a business growing too fast, right? Wrong. Isn’t growing always good? Not really. You might think like this because you have been told that business expansion is a synonym of more clients and more profits. But this isn’t always true.
When the business doesn’t grow in a sustainable way, what you will actually get is a headache, just for starters. And the only way to avoid it is by trying to recognise signs that your business is developing too fast so you can take charge of it. And here is a selection of things that you should be concerned if they start happening in your company.
# 1- You aren’t able to deliver your products or services on time
If you always seem on the verge of missing a deadline, it might mean that you compromised more than you could deliver. It is OK if it happens eventually (even though it never will make any client happy), but you shouldn’t under this kind of pressure all the time.
Yes, it might be just a sign of bad administration, and you should watch out for it. One of the secrets of a successful entrepreneur is being able to deliver what was promised, as you know.
But it might also be that you are attracting customers faster than manufacturing products, so go back to your project before it blows up. Also, watch out to suppliers complaining that they can’t keep up with your requests.
# 2 – Your waiting list is worse than a pop-star concert’s queue
Sometimes, a waiting list is a great way to add value to your business. People will love to feel like they are the chosen ones, the few to put their hands on your products.
But all others that you keep waiting won’t stay there forever, rest assured. And if the number of those waiting outside is far too high, it will soon become a problem for you. Negative feedback will rise, and it might be much harder for you to change it later.
Still, are you sure that the waiting list was intentional? Or is this that you are in denial, trying to hide the fact that you can’t process the requests fast enough?
# 3 – Most of your employees (and you) are working overtime
Any employee understands that they might be asked to do work longer hours eventually. But from “eventually” to “regularly”, there is a long line here. When crisis becomes the norm instead of an exception, everybody becomes stressed and unhappy. And the fact you are doing everything by the book and paying for each of those extra hours won’t compensate for it.
People have a life to live outside work, and so do you. So if this is not a temporary circumstance or a specific situation regarding one or two employees, it is time for you to address it before you have to deal with a strike or a riot.
# 4 – You have no idea of what is happening on a daily basis
If you got the feeling that you have no idea of what is going on in your company on a daily basis, it might mean that your business is growing too fast. Yes, it is expected that, as your company grows, you won’t be able to keep up with every single thing that happens, but this is another story. In this scenario, you are completely confused and lost, and no report or meeting can help you to clarify the situation.
# 5 – You feel like contracting people with new skill set all the time
Does it seem that you have been hiring new staff all the time? That there is always something new that requires another employee with another skillset? If so, you should know that this is a bad sign. You could have lost your ability to plan and foresee the circumstances and challenges of your company. And this is a recipe for disaster.
# 6 – You lost control of your expenses
The company’s costs are something that you know like the palm of your hand. If you don’t, your business might still grow but in debt instead. So make sure that you never lose track of where your money is going, each cent of it. And ensure that our savings never run low. And make the most of accounting apps and systems. And never minimise the importance of financial consulting services.
# 7 – Your customers’ complaints are increasing
Are your customers constantly complaining about your products or services? If your reviews are mostly negative for a while, and the feedback that your employees are getting in your shop are making they feel about to quit is time for you to check what is happening to your business.
The bottom line
Being the one to hold your company back might not be what you had in mind. But still might be what you must do.
Growing a business has to be done in a healthy way, while you maintain the customer service at its best level and your production keeping up with the demand.
You should also be able to know everything that happens with your business and have time to plan and implement future changes, include the contract of the new employees.
And, above all, everybody should be happy enough with the results, from your clients and staff to you.
So keep one eye on the signs above and never lose track of your company’s development again. It will ensure that the growing will be a continuous and constant one.