Most small businesses begin with enormous effort and investment, and when you see growth begin to accelerate, it can be an exciting reward for that hard work. But if your small business is growing too fast, you may have to cope with challenges you hadn’t expected, or didn’t expect so soon.
The Dangers of Rapid Growth
Some of the common challenges small business owners face with rapid growth include:
- distinguishing between income and profit
- understanding your market
- hiring strategically
- planning for the long-term
Keeping Up Versus Getting Ahead
Starting a business means long hours, hard work, and attention to detail. In the beginning, many business owners know everything there is to know about every aspect of their business. But as your business continues to grow, that attention to detail may become counterproductive. It’s important to ask yourself whether your focus on immediate needs and urgent issues is hampering your ability to step back and see the big picture. Have you taken the time to revise and refine your long-term plan? This is particularly critical if your growth has been rapid.
Planning for the Future
No matter how quickly your business is expanding, it’s always wise to invest the time it takes to create a good plan, and hire the best people to carry it out. If you feel as if your small business is growing too fast, it may just be a matter of reframing your priorities and use of time to get back on track and enjoy your success.