Growing and expanding a business is an exciting time. If your product or service is selling and you can extrapolate for an increase in demand, then it’s time to grow your business. Expansion takes on a variety of shapes – you may look to hire more employees or purchase another distribution centre, or you may look to grow your reputation in the industry or expand your product range.
No matter what your business’ expansion looks like, achieving this growth may not always be easy. Big developments in your business may pose a variety of obstacles. For example, if you aim to hire more employees, you might need to rent out a larger office space, meaning your overheads will increase. You’ll also need a sufficient HR team to manage their contracts and policies to make sure they are well-taken care of.
Here are a few obstacles that come about when trying to expand a business.
Manage growing inventory with old software
If you are looking to expand your product range, your inventory systems might be outdated. Smaller businesses often use simplified spreadsheets or pen and paper to keep track of inventory. However, if you plan to grow you need a scalable solution. Online inventory management software can adapt with your business. The technological capabilities of an online inventory management system can cope with large inventories, copious suppliers and provides information in real-time. Without an online inventory management system, you may put your biggest asset, inventory, at risk.
Resistance to Change
Despite the excitement some people might have around growth, this sentiment might not be shared by the whole company. People can become complacent and resistant to change. With new systems or new people around, not everyone will be comfortable. However, to reap the results of a growth strategy, you need to be committed to addressing hard decisions and moving forward. Ensuring you have great change management in place will ensure smooth transition towards the unknown.
Article by Melanie Chan in collaboration with our team of Unleashed Software inventory and business specialists. When not writing about inventory management, you can find her eating her way through Auckland.
Customer service is key in any business and managing complaints is part of trying to achieve customer satisfaction. When change is looming, not all systems may work properly right away; there may be some kinks to work out and need for improvement. With a well-organised complaint lodging system, you can manage and answer complaints efficiently. The information gained from a complaint system can help drive more improvements and growth.
Employing the Right People
Getting the right people to come on board is critical. Whenever there is growth, there is work to be done. This can be a stressful time for staff and the last thing you want is to put an unmanageable workload on their desk. Although you may want to hire people quickly to mitigate stressful workloads, it’s important you find the right people to hire. Potential employees that agree with the ethos, strategic philosophy and future direction of the company will undoubtedly be a good fit. Sometimes, a recruitment agency may be helpful if you do not have the HR capacity to interview people initially.
Growth will come with obstacles but it will also bring many rewards along the way. Stay persistent and you will reap the benefits.Topics: business growth, online inventory management