When the leaders of a business realize the organization is flourishing — bringing in lots of new business and seeing revenues rise — it’s cause for celebration. But it’s also cause for consideration. Growth is great news, but it’s important to ensure your whole team and your systems are ready to handle it.
Shoring up essential processes and resources, as well as preparing for potential new risks, should be a top priority when a company enters a period of rapid growth. Below, 16 members of Business Journals Leadership Trust share essential factors to review and, if needed, revamp when you’re running a fast-growing business.
4. Needed new skill sets
The skill sets required by a startup are different from those needed for rapid growth. Startups need passionate, hard-working, wear-a-lot-of-hats, “I’ll figure it out” employees. When growth accelerates, companies also need more specialists, proven leadership and the ability to create standard operating procedures to onboard more employees with ease and consistency and to scale effectively. – Aviva Ajmera, SoLVE KC