Question

What are the requirements of growth?

Answer 1

There are several factors which are required for growth -

1. Knowledge Management - “A small company often captures its working knowledge in the minds of its early employees. As a result, you may struggle to educate new hires, and some people may have a disproportionate amount of power or responsibility simply because of what they know (rather than what they can do). To grow smoothly, be disciplined about documenting your best practices and sharing them with your team.

2. Company Culture - “With each new addition to your team, the camaraderie and company culture will inevitably change. It is important to not overlook your company culture but instead have a plan to foster and develop the initial spirit as the numbers grow. Your culture is what brought them to the company in the first place, so it is imperative not to lose it!

3. Clearly Defined Roles - “It’s imperative to clearly define each person’s role in the company, especially when you start to grow. This includes the founding team and those first hires. Take the time to clearly define roles, responsibility and a chain of command so everyone is on the same page.”

4. Development of Internal Tools - “When the company is small, a lot of tasks are done manually as it’s not worthwhile to build a custom tool or buy a product to service the need. As the business grows, a lot of processes inside the company have to be assessed and optimized by building internal tools to streamline operations.”

5. Customer Happiness - “As your company grows and you bring on more new business, it’s important to remain steadfast in your focus on existing customer happiness. We monitor this through tracking net promoter score and customer retention. This metric gives us a good indicator of whether the business is scaling appropriately and is likely to see increased total business.”

6. Core Values - “Maintaining values and culture is crucial to long-term sustainability and growth, and a strong argument can be made that these two areas indirectly impact profitability. Having core values and strong culture gives employees purpose, value and guidance for making key decisions. Continually investing in these areas is key; they will help guide the business through seasons of change.

7. Team Performance Evaluations - “When you’re making money, everyone’s work seems to be good and getting the job done. But sometimes what seems like ‘getting the job done’ is actually a market run that overlooks mistakes. Those same mistakes can come back to haunt you when that market slows unless you have consistently worked with your team to ensure that they are always operating at their best. This can be done through regular performance evaluations

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