There are a few things that shock business people and entrepreneurs alike. One of those things is a failure, but surprisingly the biggest shock comes with unexpected success.
Business can be running at a steady pace for many years and then suddenly there is an overnight demand which sees a boost of 70% a lot of us don’t know what to do in this situation. Below are a few options and paths you could take, should this happen to you and your business.
The first option when assessing sudden growth is to stay on the lines of your existing path. Maintaining the balance if you will. This is obviously the safest option. The most important thing here is assessing the situation.
There are dangers with staying the path. If you choose not to apply any growth or extension, the company could suffer from not being able to cope with demand. Then the extra business you initially had, could, in fact, turn to be your downfall.
In order to maintain your current structure to cope with a sudden influx, a great idea maybe restructuring. Sometimes the implementation of a new business structure amongst your current staffing can promote a stronger and more efficient workforce.
Some companies may see steady or sudden growth and decide it’s time to expand. Pre-2000 for most companies, expansion meant a second office in another location nationally.
Nowadays with the availability of virtual addresses and virtual phone number, if you have international clients, you can now have an international presence.
You may actually want to go one step further than this and open up a physical office in a new country. You should consider the pros and cons of this. Obviously, this is going to give you an international status but this comes with managing and being responsible for teams, buildings and most importantly your reputation.
There are a few things that can make international management easier. You can obviously communicate via conference calls, you can manage your finances through digital accounts software and you can even take control of wages and outgoing payments from a single location with service like Cloudpay. All in all, if you want to invest in growth, you need digital support.
Create Another Company
Another step you could take is to make footsteps towards creating a whole new company. A company that can run alongside yours. Imagine having a sister company that provides a service that your clients could also take advantage of.
This is obviously another risk, but it could present a huge reward. The painstaking part is that you would need to start all over again with a second business. You would, however, have all of the tools you require right in front of you.
Quite often a smaller, successful business will have another running alongside. What you have to decide is which of the above suits you best.