Change is constant, and technology accelerates change. For small and midsized companies, change is a consequence of what we all aspire to: growth. But growth comes in many forms, and businesses need tools and guidance to manage growth on their terms.
Growth may mean keeping pace with new, bigger competitors. Bringing in new employees to manage new functions. Managing more inventory, customers, financial requirements, and regulations. In short, there are lots of new responsibilities. As your business grows, you may worry that you’re losing the sense of who you are, what differentiates your company, and what first ignited your success.
So, yes, growth is exciting, but how do you manage it?
At Acumatica, we know what it feels like to grow from a small business to a midsized enterprise. We started operations in 2008, and, in the past six years alone, we have grown from 100 employees to nearly 700. And we’re still growing. In June, we moved our headquarter offices to a new, expanded space in Bellevue, WA, to accommodate this growth. We’ve actually been the world’s fastest-growing cloud ERP company for eight years and counting—and that means we, like all growing businesses, have faced some uphill challenges and learned a few things along the way.
I wanted to share some important keys to managing business growth based on what we’ve learned from our own experience and from the experiences of our customers.
Creating and Sustaining a Company Culture
Company culture defines a workplace and is shaped by the priorities, passions, attitudes, and relationships of the people in the business.
As you grow, your employee base will expand, and these people will bring the new voices and fresh perspectives that keep a business thriving. It’s important to have solid values and priorities that define what your organization stands for and wants to achieve. This foundational company culture informs the hiring and onboarding of new employees, who will factor into the organization’s ongoing evolution.
Staying True to Your Foundations
Success is thrilling, but you can’t maintain it if you forget or abandon what made you successful in the first place—your business model, your customer focus, your adaptability and persistence, your passion for your craft, your tenacity and willingness to take calculated risks.
To remain successful, stay true to the foundations of your business and build on them. But don’t confuse this with stagnation or blindly clinging to the past. It’s a way to maintain perspective, so you can push your forward trajectory even further.
Being Constantly Grounded by Values
What is your mission? What is your vision? What are your values? Answer these questions to define your core business principles and communicate that all-important company culture to your employees and the world.
At Acumatica, we’ve developed a Rallying Cry, which unites our organization in a common approach and vision. Summarized by the tagline “Building the Future of Business, Together,” it expresses why we exist and how we work together to realize our purpose. It defines our moral compass, our culture and character, and the greater good that results from our efforts.
Take time to define your mission, vision, and values. Stay grounded in them. Constantly communicate them to your employees. Make them the heart of your operations, around which your decision-making rotates.
Plan for Future Growth
Your company has grown to the size it is now, but it won’t stay that size forever—and you don’t want it to. You want to keep growing. So, make sure your business decisions—the technology and systems you implement, the data you analyze, the people you onboard, the way you strategize, market, and build partnerships—are made with the size your business will be in mind.
Don’t make plans that will hinder your agility, like implementing limited technology or choosing unclear, ineffective strategies that waste time and resources. Instead, make plans that you can, and will, grow into and beyond.
A Way Forward
Balancing these keys—a strong company culture, a firm foundation, consistent values, and plans for the future—can be challenging as a business grows and changes, but it is vital for ensuring success happens sustainably and consistently, not in unpredictable fits and starts. Growth requires change management at the process level. Staying true to your culture, foundations, and values is key to managing growth on your terms, while using the latest tools and technology to help fuel growth and drive success.
And the best part is, you don’t have to do it alone. Acumatica is here to help you grow. To learn more about how our customers are managing growth and realizing success, see our Customer Stories page. For more information on how we can help your business achieve its growth ambitions—on your own terms—contact our experts today.
Source
geekwire.com