NYSL Promotions on Guiding a Firm Through Rapid Growth
Running a company that is growing rapidly – in the neighborhood of 50 percent each year – is an exciting yet frightening prospect. Leaders want to achieve massive success, but they don’t want their ventures to consume them or get so far ahead that they can’t keep up. To keep your head above water in such a situation, our team members at NYSL Promotions suggest the following:
• Facilitate Team Growth: Being a leader who never takes breaks and never goes on vacation is not something about which to be proud. This is true even during times of rapid growth. Occasionally stepping away from work will reduce burnout on your end and allow your people to flex their muscles. They will practice handling whatever situations arise and make important decisions, all without your input.
• Monitor Cash Flow: At NYSL Promotions, we warn you not to get so caught up in sales that you let collections slide. Landing sales and fulfilling your end of those deals is futile if you aren’t paid for your efforts. To reduce the likelihood that you’ll need to seek capital, keep a keen eye on cash flow and minimize your collection cycle if needed.
• Produce Less Personally: To stay abreast of your company’s growth, you must focus more on its output than your own personal productivity. Think about what you can delegate and how your people can produce more, while you keep your finger on the pulse of operations.
We at NYSL Promotions recommend these techniques to maintain a firm grip on the rapid growth of your organization.