Three Ways to Manage Growth for Your Small Business
So, you have new clients or your current ones are expanding their operations with your company. That’s great! Now, how are you going to expand your capabilities to meet this new business? This is one of the major questions that come up for businesses of any size. So what you should a business owner do when they need to scale and manage their growth? Here are a few solutions:
- Equipment Rental
- Sometimes you need to get more machinery or equipment to keep up with your production schedule. Whether it is another smoothie machine or a front-end loader, buying new equipment is expensive. If you have a single order or are not in a place where your company can put a down payment on new equipment, consider renting new equipment to increase your capacity. Make sure your equipment rental costs aren’t negatively affecting your bottom line.
- Staffing Agencies
- Now, you’re in the process of churning out more products and services for your customers but your current staff can’t keep up with the new demand. Maybe you need to hire a few extra helping hands or maybe you need to hire an entire second or third shift. Staffing agencies can be great for hiring temporary or part-time employees to help with production. Then you can bring aboard employees on a full-time basis once they have some experience.
- Assess your Suppliers
- You’ve been plugging away just fine before, things get done (mostly) on-time and you leverage your supplier network to make sure that happens. But what happens if your supplier can’t keep up with you? Delays are bad for business. If you find yourself in this situation you may need to look into alternative suppliers to meet temporary or permanent needs.
Your business may not always have the capital for these solutions, especially if your business needs something more permanent. Qualifunds can get you working capital fast so you can grow to meet your clients’ needs.