The goal of every start-up is to become stable and expand over time. For this to happen, a company must embrace rapid growth. One can tell that a company embraces rapid growth if there are key leaders other than the owner. A rapid growth company also has a solid base of systems that is continually refined.
While everyone wants to lead a fast growing company, only a few are successful. As the leader in workspace and technology solutions in Washington, DC, Metro Offices share some tips on leading a rapid growth company:
- Personally produce less and let your business produce more. The mark of a rapid growth company is being able to trust key people in accomplishing tasks. Being a one-man army is good at the start of your business, but if you’re still the only one taking care of both the management and operations part after two years, then something’s wrong. Keep in mind that you are building a business not a job. You should be able to reduce your company’s direct reliance on you.
- Aim for sustainable growth. According to Inc.com, it’s important to keep an eye on the flow of your cash, especially your receivables. As you focus on producing and selling, don’t let your collections slip into the background. Improve your cash flow by speeding up your collection cycle. As you get used to the process, sustaining your earnings will come in handy.
- Give some time for your team to grow. Every business owner deserves a break. Did you know that time away from your company will give your team room to grow? Yes. Being away from your business for a while allows your second-in-line leaders to make decisions on their own. This also exposes your business to new situations, which is helpful in pointing out areas for improvement. Just make sure that you have set the right business foundations before taking a break.
- Support your team and give credit where it’s due. Management guru Peter Drucker once said, “The founder has to learn to become the leader of a team rather than a 'star' with 'helpers.’” Another key to rapidly growing your company is to let your team shine. It's important to acknowledge the expertise of your group and build them up. It gives them greater confidence that they’ll need one day, when they would have to take up a leadership role.
- Choose a workplace that matches your team’s needs. No two companies are the same. It’s important to adapt to your team culture and cultivate it positively. You can do this effectively by choosing a suitable workspace. Metro Offices offers a range of workspace and business solutions that can cater the varying needs of start-ups.
Here, we offer private offices, team spaces, day offices, hotdesking, and others. Our services also come with unified communications, data centers, and even an IT help desk in Washington, DC.
We hope that we have been helpful in providing tips on growing your company rapidly. If you want to learn more about our services, call us at (703) 871-5208. We will be there to assist you.