No matter what size organization you lead, you will likely go through periods where growing pains make everything feel more difficult and issues both small and large seem to pop up more frequently than before. In fact, as your organization matures, you may feel growing pains most acutely.
Certainly small businesses experienced their share of growing pains and yet, small businesses may have some advantages in their agility and lack of formal processes. Very large businesses can have significant growing pains but they are likely better resourced to meet new challenges than a newer, smaller business. Mid to large size businesses can often shine under stress because on one hand, they still retain much of the agility of a smaller business and yet, they also quite often have better resources and formal structure than smaller businesses. How can you as a leader overcome the inevitable growing pains and maximize the advantages you have at your level?
First, you cannot coast. You must continue to do the things that got you where you are in the first place. Don’t let some younger, smaller company out hustle you. You are stronger and smarter, so you don’t have to work as hard-- if you work smart.
The gene to control thing seems to be embedded in the DNA of most of us leaders, but we must evolve to work on the business more than work in the business. The companies that transition the smoothest and work through their growing pains the fastest are those that have leaders who focus on finding great people and then point them in the right direction. If you are trying to be everything to everyone, all the time, your organization will become stunted. You might be a leader and the visionary, but you still need a team to grow beyond where you are now.
You must keep an eye on the bottom line. The foundation of your business rests on the financial health of your business. With the growth of fixed expenses you must increase revenue. Add to the equation investments into today, tomorrow, a week from now, a year from now and beyond. You should have financial data including the ability to track actuals versus forecasts. If you don’t have the data, get the data and if you have the data, use it.
Loyalty is meaningful but sometimes the same people who were there in the beginning are not always the people who will help your organization clear the next set of hurtles. As you grow, it is good to continually review rules requirements of the job and a sure that you have matched someone’s talents with the responsibilities of their position, especially in key positions. Sometimes this process is uncomfortable but it is essential for growth.
Even as you grow, wherever possible, preserve your company’s culture. It’s not just about nostalgia and while you may not be able to keep the close-knit feel you had 50 employees with 500, you can retain much of your original spirit. When bringing on new people, certainly they should be skilled and a good fit for the position, but they should also be a good fit in your organizational culture.
Growing pains as your business stretches beyond its borders are inevitable. And yet, if you maximize the advantages you have at your size and be diligent about recognizing the pitfalls common with growth, you can come through it bigger, stronger and better.
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