When your successful strategy pays off and you find your business in a period of hypergrowth, keeping everything moving forward in alignment (instead of spinning out of control) is your biggest challenge. Here are five keys to sustaining your success:
1. Work smarter, not harder – review your business processes and look for ways to eliminate tasks that don’t add significant value, or automate manual handoffs.
2. Great tools are always a good investment – you can’t sustain hypergrowth with yellow pads and Excel spreadsheets. Put more power into the hands of key users, so they don’t have to rely on IT for queries and reports.
3. Keep an eye on profits while focusing on growth. Sustain your sales momentum, but eliminate waste and manage your profit margins. Make sure you are getting maximum value out of your marketing efforts, as well as keeping an eye on your cost of goods sold.
4. Bureaucracy strangles growth – your backoffice organization should avoid imposing cumbersome processes on the parts of your business that sell, produce and deliver your products and services. Use effective collaboration tools to cut the middlemen out of your business processes.
If you are in a rapid growth phase, what are you tracking now? If you are hoping to achieve hypergrowth what are your KPI’s? Leave us a comment.