Every business owner dreams of growth, but growing pains are a very real thing in business. In fact, rapid growth is often unsustainable and does more harm than good. Business growth must be sustainable, otherwise your systems and structures may begin to break and your finances will suffer. Business growth is a bit like driving a car. You need some speed but faster isn’t always better. Hurtling towards your destination too fast puts pressure on your engine and may require you to slam on the brakes very suddenly. The best way to get where you need to be is to drive at a steady pace that you can maintain without causing smoke to billow from your vehicle. Let’s take a look at five tell-tale symptoms that your business is growing too fast. #1 - Business Overwhelm Running a business is no easy task and with each new challenge you run the risk of becoming more overwhelmed. You need an effective and efficient way to manage the situation. As the business owner, you are often too involved to see the bigger picture and it takes an expert, outside of the business to really give you that much needed perspective on how to solve the problem. By bringing in an expert, you will be able to take a more strategic view of the business. You’ll see where the business is currently heading and then be able to set some personal and business goals and map out how you will achieve them. #2 – Not enough time Ask yourself what’s your biggest struggle in finding more time to build your business? You first need to make the time to stop and step back from your business and look forward to the future. Where would you want to be 5 years from now? What would you like your life to look like? Whether this is the dream forever home, the car you’ve always wanted to buy or being able to work a four day week. By taking the time to structure your business will give you not only the time to take off to do the things you love, it will give you time to become more strategic and plan what you want the business to achieve both in the short term and also your longer term goals, such as exit planning, via a sale or retirement. #3 - Cash Flow Problems Business growth can put a serious strain on your cash flow. As you gain more customers and/or clients it’s easy to lose track of your invoices meaning that you get paid late, and sometimes not at all. In turn, this can often lead you to miss supplier, vendor or staff payments. If you need to wait for your customers to pay you before you can pay the people you owe, it’s a sign that something is wrong with your cash management. Simple financial systems may suffice during the early stages of your business, but as your company grows bigger and more complex, you require more advanced accounting systems to stay on top of your finances. Losing track of your sales, payroll and invoicing will land you in a huge financial mess, so it’s important to enlist an accountant or financial consultant to help you manage your money. #4 - Bad Hires If you haven’t adequately prepared for growth then a sudden spurt means that you will need to hire someone new ASAP. However, hiring mistakes can be costly. If you’re growing rapidly and hastily hiring new employees every other week, then it stands to reason that many of them will be a poor fit for your company culture. This is a sure sign that you’re growing at an unsustainable rate and need to change your approach. If this is the case for your business, stop hiring new in-house employees and try outsourcing certain tasks. You may find that you don’t actually need a full-time hire for every role and you won’t waste as much money if a freelancer doesn’t turn out to be a good fit. If you do still need to hire a full-time employee, you will at least have less urgency and be able to take your time to find the perfect match. #5 - Your Customer Service is Suffering If you are struggling to keep up with demand then the likelihood is that your customer service is suffering. Rapid growth often forces employees to multitask, dividing their attention and reducing their ability to deliver a great customer experience. However, if your customer service falls through the cracks and your business is likely to suffer for it. Using automated customer service chatbots for your website is one way to reduce the strain on your staff. The bots can take care of FAQs for you, leaving your human representatives to focus on more complex issues that require real brainpower. Conclusion Rapid business growth often leads to a host of problems, including overwhelm, time, cash flow issues and staff shortages. These are all signs that you need to change your approach or risk going under. If you’re experiencing any of these symptoms, take some time to reassess your strategy. Remember that steady and sustainable growth beats speed any day.

Setting goals for your business is an important step in making sure it thrives. While some people might think this is a simple task, it can be more complicated than you may think. This guide will walk you through the process of setting goals and provide tips on how to make them actionable, achievable and measurable. Why Are Business Goals So Important? Business goals and objectives are important and should be established for a number of reasons. If you don't define what success looks like, the chances are that your business will never achieve it. You need goals to measure growth by comparing them from year to year or month to month. If you're not seeing the results that coincide with your expectations, then it's either time to adjust your goals or get to the bottom of why you cannot meet them. Goals are also important because it shows that you're organized and have a plan in place, which is especially helpful when raising capital for growth. It lets potential investors know what milestones to expect throughout the process of investing into your business. Goals keep you and your team focused, and provide a clear benchmark against which to measure your success. Clear goals enable you to prioritise the most important tasks and focus on the things that matter most. Step 1: Identify Key Areas Of Focus First things first. What are the top areas you want to focus on in your business? Of course, this depends on your unique business and industry, but some examples to consider include: ● Improve customer service ● Reduce costs by 10% ● Grow sales volume by 20% ● Be the first mover in your industry with a new product or service offering ● Increase employee satisfaction to 75% ● Improve customer retention rate by 5% ● Reduce company debt and interest expense below a certain threshold, e.g. $40,000 ● Increase profit margin by 10% ● Reduce time required for product or service production by 12% Step 2: Set SMART Goals In order for your goals to be effective, you need them to meet a specific criteria. They must be SMART. This means: ● Specific - very clear and easy-to-understand. ● Measurable - determined by the numbers or data. ● Achievable - your goals must be realistic, or else you are simply setting yourself up for failure. ● Relevant - each goal should be pertinent and directly beneficial to your business. ● Time-bound - the deadlines must be clear and reasonable. "Increasing profit margins" is not a good goal because it's far too vague. However, "increasing our profits by 10% in the next 12 months by reducing costs and increasing efficiency" is an example of a SMART goal. Step 3: Set a Timeline Your goals need to have a timeframe. This is important because it helps you think about which resources are required, how much time your goals will take and what milestones must be reached along the way. For example, you won't increase your profits by 10% overnight - it will happen in much smaller increments. Therefore, you should set milestones that will be reached along the way. For example, you might aim to increase profits by 4% by the end of Q1. Then, you can adjust your goals against real-time progress. Step 4: Review Your Goals Regularly It is crucial that you regularly review your goals to ensure they are still relevant and helpful. You may find that the market has changed, or that new opportunities have emerged based on customer feedback which would alter some of your original plans - this means it's time for an update. Maintaining four or five year goals is a good idea, but you should also create one-year and quarterly plans to ensure your business stays on track. Step 5: Accurately Track Your Goals You cannot measure progress unless you are measuring against something specific - that's where SMART goals come in. You need to establish metrics and benchmarks against which you can measure your progress. This way, it's easier for everyone to see whether they're on track towards achieving the goal and when adjustments need to be made. Final Thoughts Clear goals provide a clear direction for your business and keep everyone on the same page, working towards achieving something that is meaningful and beneficial to all. They can be used as an effective tool when pitching to investors or potential partners to give an idea of how the business will progress over time. No matter how well your business is doing, there are always areas for improvement and new heights to reach. Setting goals is the first step on the journey to success..