The fast-paced world we are living in requires businesses to adapt, so they can thrive. It is quite evident that small firms are more agile when it comes to adapting to various changes surrounding them, but they are also most at risk of market or economic fluctuations.
In that case, advising businesses who are focusing on growth that they need to slow down may seem ridiculous. But it is, in fact, a key to success.
Growing an organization requires an investment of time, money, and energy, among other resources. Slowing down to focus on priorities and strategy is essential to address opportunities, challenges, and business direction.
Here are some slow-down tips for entrepreneurs that can help them speed up business growth.
Avoid quick decision making
Proper decision-making is not a matter of snap judgments, but rather what depicts one as a better strategist. Unfortunately, some small and medium business operators do not consider various options at their disposal before making specific decisions because they stick with one action plan all through. The challenge is that the rigidity of their course of action may leave them helpless when unique situations emerge.
Slowing down allows you to explore other viable ways of handling each issue, and in that case, you will avoid decisions that may have far-reaching effects on your business operations. For instance, most employers will go ahead and fire underperforming employees without considering how best they can address such an issue without terminating the services of such an individual.
Transferring an underperforming worker to a different department within your organization can prove a better option, and arriving at such a decision will require an employer to slow down.
Related reading: Important vs Urgent: How to Stop Chasing Deadlines
Include strategic pauses in your growth plan
The pressure to push for consistent growth after a period of fast expansion is quite tempting. It is a joy to see your operations growing in leaps and bounds, but if you do not take a step back, you will be out of breath sooner than later. Some of the things that entrepreneurs do to achieve constant growth include pushing more inventory, and new products, expanding their workforce, and sourcing new markets.
To speed up the growth of your firm, you need to take time and reflect as you plan your next strategy after an expansion boom. The reason is that as your workforce expands, dealing with issues becomes a challenge. The implication, in this case, is that if you adopt a "go, go, go" mentality for growing your business, the approach will backfire.
Retiring your aggressive expansion strategy temporarily at some point to build strategic pauses into your business plan after experiencing growth, is advisable. Strategic breaks will allow you to;
- Forecast potential threats and markets.
- Identify your company's current strengths.
- Review opportunities for growth.
- Understand and address any underlying problems and issues.
- Listen to feedback from clients and employees.
Communicate and align your team
Involving your employees in your business expansion plans is not an option because their input is necessary for the achievement of this goal. A business growth strategy is only as good as its implementation, which suggests that communicating your expansion plans to your team is critical.
Making hasty decisions and issuing directives to managers and employees for execution may not be a sustainable approach for small and medium-sized organizations. As you focus on the next phase of growth, you should slow down to engage your employees and align them with the plan in place.
Engaging your workforce, listening to feedback and suggestions, articulating key priorities and goals, and unpacking the reason behind the decisions you make, will be necessary because these aspects align your team with your business growth strategy.
If you need more information on how you can slow down to speed up the expansion of your enterprise, you can book a free consultation or contact us today.