Considering that most businesses die in the first two years from inception, a business that is still profitable in the second year can be said to be a viable business. When your business is growing, congratulations are in order. However, to keep growing so you can expand, you need to review your business and figure out what to stop doing, and increase the rate at which you are carrying out actions.
A smart step is to open a foreign currency bank account that will help when you want to make payments to the business contractors who help keep your business successful through partnerships or collaborations.
Below are a few further considerations that can help your business maintain its growth curve.
Basic and seasonal employment
One of the things you must evaluate to know if the number of staff you have is satisfactory is client satisfaction. Create a structure that helps collate your clients’ feedback to ascertain their sentiments towards your business. If you notice a sudden rise in the number of complaints, it could be a pointer to the fact that you need more staff to help resolve customer complaints and keep the business rolling in.
If your business experiences sudden growth, you may need more staff than previously required to manage the workload. You do not want to lose customers because of bad experiences waiting for their sales delivery or response to inquiries going unanswered. Prepare for the seasons of business adequately. If you need more staff, do not hesitate to hire more staff to satisfy your customers.
Foreign bank account
As soon as your business is expanding and you are hiring more staff remotely, or across the globe, you should consider opening a foreign bank account to pay remote foreign employees. This is cheaper and more convenient than going to the bank multiple times to confirm that payments to staff have been made. A foreign currency bank account will give you the flexibility that you need.
You can make a payment to any country and get confirmation that the payment has gone through. You can then monitor the payment until it gets to the foreign country and the bank confirms that the money is present in the account of your employee. This is smoother and faster than the difficult process of changing the currency first before making a wire transfer while being physically located in the bank. It will waste time and other valuable resources and may take several days before delivery.
Often, small business owners get into the habit of handling many different responsibilities while they are still growing. With growth should come the risk of trusting others to handle other parts of the business. That keeps you from facing the responsibility of the CEO or founder. The owner of a business should be communicating a vision and charting a course for team members to follow.
As growth occurs, you should be releasing less demanding roles to trustworthy team members or hiring new people as the business demands. Letting go of one part of the business via delegation is a scary but necessary process for more growth. You need to plan and delegate specific responsibilities to other team members who are qualified to handle them. Train, delegate, and reward team members for growth and profit made.
When your company gets to the point where employee retention is a disturbing trait to the management, you need to find a solution as soon as possible. If you are experiencing large turnovers in your talent acquisition goal, it could be that you are not hiring the right talent. It can also be that your remuneration package is not attractive enough to attract and keep the right talent or that the job is not challenging enough for talent.
With the help of an internal survey (anonymous ones especially), you can find out why your staff is leaving and save yourself from the cost of having to hire too frequently. Get feedback from the staff and consider offering an increment in salary to build employee loyalty. Make work hours flexible; give them two weeks’ vacation and health insurance. All these are preferable to continuous turnover that would affect productivity.
The above-listed points are the most important things to consider to ensure the continual growth of your business. Getting the best talent, retaining them, delegating responsibilities to qualified employees, and opening a foreign currency bank account are all essential to increasing the growth index of your business.