When booming business can be a downfall.. and how to make sure you don’t get there.
Most business owners dream of a sudden, easy-seeming, boost in sales. A trending moment, testimonial from a trusted person, the issue they’re solving aligning perfectly with something in the zeitgeist: overnight success can be sudden, and overwhelming, especially with a digital based business.
But the truth is, growing too fast can be more damaging to a business than no growth at all!
I came across this article from Time while watching the LuLaRoe documentary. They attribute the MLMs quick success to the moment “Facebook permitted users to livestream videos in 2015, which allowed LuLaRoe retailers to livestream their clothing sales. The freedom to use social media to sell coincided with the height of the #girlboss era and a darker aspect of life in the U.S.—families dealing with high childcare costs with no guaranteed paid parental leave policies were seeking easier ways to make money.”
These factors all came together, brewing the perfect storm for a brand like LuLaRoe to see a surge. And although their case was on the larger scale of growth and failure, it mirrors the similar patterns of other businesses large and small.
Harvard Business Review states that ‘about 75% of consumer packaged goods and retail products fail to earn even $7.5 million during their first year.’ One of the main flaws they state new businesses having is a lack of plan for the potential of growth.
How do you avoid falling down a catastrophic growth path?
Systems. Processes. Integrations. Organizations. It is all about adapting to changing markets and demands, and having a clear system in place to move around efficiently.
AKA: be prepared for what (hopefully) may come your way!
Where is there room in business for big errors when things get too busy?
- Finances aren’t tracked properly
- Supply chain and manufacturing can’t be sustained
- Customer service falls to the back burner
- You haven’t hired the right people in the right seats for the help you need
- You waste time by manually doing tasks that can easily be streamlined in a digital process
- Failure to track sales and progress goals realistically
Basically…in every area of your business, there should be some support set up for the highest highs and lowest lows. The ideal situation you want? A business that is running itself and flexible to adapt to unexpected changes.
When you’re starting a business, sometimes the final things to get done are the things that actually make the day-to-day work EASIER. And that’s not your fault – no one really teaches these things!
Here is when an integrator is key.
I’ve seen businesses soar. And I’ve seen them fail. I’ve seen everything from the most organized to the most DIY and makeshift operations.
Taking all of that insight into account, I am able to come into your business (no matter if it’s service-based, a physical product, etc.) and help it really run.
Allowing an integrator to take a peek into how your business is running can allow us to identify:
- Who you should hire
- Who on your team may be helpful doing something else
- What tools and technologies are out there that can streamline your day to day
- How you can build an internal infrastructure that supports you and your team
Don’t be part of a statistic or one of the many brands that can’t keep up with demand! Click here to discover more about how we can work together – no matter what stage your business is in.