Today, it is pretty easy for things to get viral due to the fast growth of social media. It is not uncommon to find certain products get viral after being spread in social media platform. It causes fast and unexpected growth that not every business owners ready to face with. It is possible for your products or services to get hugely popular unexpectedly. This is a very challenging situation and you need to plan your strategy to keep your business in manageable level.
Managing unexpected growth of your business
Growth in business should be planned and expected. The more growth means more revenue to come. The downside is that not every revenue leads to higher profits. That is why being unprepared for sudden growth can be damaging as well. You may be struggling to keep your business afloat instead. Here are several ways you can manage sudden growth of business:
Be prepared
It is true that business world is unpredictable but that doesn’t mean you can just sit and wait. The best thing to do is to always be prepared for every situation. You need to make comprehensive plan involving your business production, server space, transport, etc. Begin asking questions of what you are going to if sudden growth happens from now.
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Find the reason of the sudden growth
There must be a reason why your products or services are suddenly popular. Finding out the reason behind it can help a lot in figuring out the ways to manage the situation. After identifying the cause, compound on it. If the reason is part of your business, it is something worth celebrating for because it means you have such unique selling points or USP. It is key element that can help you gather and retain larger market share later.
Monitor your finances
As mentioned earlier that sudden growth means higher revenue but that doesn’t always lead to higher profit. Hence, it is important to keep tracking your finance. Manage your finance comprehensively so you will be able to find if there is something wrong with all your business ingoings and outgoings. This way, you won’t be too overwhelmed when being hit with sudden growth.
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Consider hire more people
With a sudden growth, it can be overwhelming to handle everything by small team. Your business develops in size so more people will be needed to manage various aspects of it. Add knowledgeable, skilled, and experienced members to help you manage the growth. It might cost you more but it is important for you to keep up with the growth without damaging your bottom line.
Drop problematic clients when needed
With the sudden growth, you are working with more customers. It means you have to deal with more varied individuals. Some of them might be problematic and you don’t have to keep up with them. Drop problematic clients if you think they give more problems than revenue to your business. Holding on to this clients will only make you lose focus of other clients.