Fast growth is a goal for many small businesses. But what about growth that happens too fast? How do you know if the growth you’re experiencing is actually hurting your business instead of helping it?
Since growth is typically perceived as a good thing, identifying these trends in your own business can be a challenge, especially when you’re immersed in day-to-day operations. But it’s important to slow down. Take time. Recognize patterns of harmful growth. It’s crucial to the success of your business.
Let’s look at three signs that your business is growing too fast.
1. Customers are Complaining
Your customers are the lifeblood of your business. No matter how fast you’re growing, you can’t afford to lose sight of the people who are buying your product or service. Sure, there will always be a few customers who complain. You can’t please everyone, right? However, when your rate of customer complaints is higher than what you’d considered normal, there’s a good chance you’re growing too fast to deliver excellent customer service.
What to do: Stay in touch with your customers. Spend time with them. They’ll give you honest, valuable feedback that can help you get back on track to a more sustainable growth model.
2. You’re Feeling Overworked and Burnt Out
Owning your own business can bring you freedom, autonomy, and flexibility. But now, you’re feeling stressed out, worn thin, and tired 24/7. That’s not exactly the entrepreneurial bliss you were hoping for, is it?
One of the most vital traits owners and founders need to successfully grow a business is self-awareness. Keep tabs on your overall health, mood and well-being. If you find you no longer have the time or headspace to do the things that keep you happy and healthy, something is likely going wrong or moving too fast.
What to do: Constantly remind yourself why you started your business in the first place. Hold on to that purpose and keep it close. Doing this will help you stay the course and feel less pressured to grow at a speed that seriously hampers your personal life.
3. You’re Struggling with Cash Flow
Cash flow problems can happen as a result of any number of business challenges. Fast growth, however, is a big one. Often cash flow problems occur when your accounts receivable can’t keep up with your need to purchase inventory or supplies to stock shelves and fill orders. If you’re unable to quickly collect payment from your customers, a momentary problem can grow disastrous.
What to do: If you’re struggling with cash flow problems, we can help. When you send invoices with Viewpost, you receive notification when your customer has received and viewed your invoice, sent payment, and when payment has deposited into your bank account.
Combine that with our invoice discounting solution, and you can have greater control of your cash flow.
See how Viewpost can help your business grow.