How to navigate your businesses through tricky growth stage?

Startup businesses have to struggle with environment volatility. The next stage companies which are in the growth stage struggle with volatility and complexity. These growing companies sometimes behave in unnerving and unexpected ways.

business growthThe entrepreneurs and leaders of the scaling (growing) companies require new skills and different approaches to navigating this challenging phase. It is the ‘middle’ period where the decline in businesses must be endured, and growth must be optimized. There can be swift alternating swings between both the situations. The entrepreneur should take ambitious risks along with his own leadership ways.

Here are few useful tips how one can navigate through this phase.

Leaders should leave the urge to control everything

Startup companies usually have a small team in which everyone is clear on the vision of the company and strive to act on it. Communication between members is frictionless. But as team size grows, to a single question like what are we trying to do, or what is the priority of the company, you start getting different answers, then it is the time to align the whole team. That is the company’s vision should be more focused upon and ingrained in everybody’s mind.

Leaders who start losing touch with their members as the organization grows should avoid regular check-ins of members and unnecessary sign-offs, which they do to maintain the feeling of control. Procedures and mechanisms should not be created in a vacuum. One has two options, to brainstorm people in a group or let members dream up ideas on their own and that idea should be discussed with everyone.

Discontinue weekly meetings

Processes which started when the company was a startup may have outlived their utility and usefulness. Like you may be conducting meetings every Saturday which may not be possible now just because today is Saturday and the meeting has to be conducted as it did in initial stage. Improving on the process or stopping it outright,  as everyone has to assemble leaving their current work.

Encouraging collective participation

If the team device their own work process, the entrepreneur should not get in the way. Though entrepreneur may know better than anyone else what the business needs to succeed. There are chances that other new team members may know better than you what it needs to get work done.

Alignment of thoughts and ideas in one direction improves the process. But as companies grow this alignment weakens. New members join in, new products are developed and the mission gets obstructed. So in the growth stage once in a while, the entrepreneur must convey the company’s goal, aim, and mission loud and clear to all the employees as they do to their clients or public at large.

Before developing new products share with employees

Companies spend large sums of money to market themselves to the general public but too little to market themselves to their own people.

Any new product that the company plans to develop, the idea should be shared among all present there and their views and opinion should be considered, as everyone around sees the usefulness of the product from the different angle.

The main job of the leader in a growing company is that when the company is going for a change, there can be many different views and after discussion and deliberations point out to the whole team where to focus all their energies and attention to. It should be the central theme for everyone in the company.

Everyone wants to cross the growth stage smoothly but only few succeed.

How to make your business successful internationally?

Indian economy is growing and so the businesses that are operating in the country also growing. Businesses are now poised to throw their hats in international markets through collaborations abroad and that is really great.

business

There should be a fruitful collaboration across cultures and businesses for both the partnering companies and mutually beneficial for all those involved. When any businesses wish to cross the national boundaries to form collaboration, a crisis can develop due to improper communication, lack of cultural knowledge and poor leadership between the two.

Here are a few suggestions to overcome the problem.

Prepare yourself, your company, and team for going international

In your company, you can conduct cultural understanding training that will help understand and familiarize the team with the unfamiliar culture of the foreign country. Though it may look absurd and an unnecessary expense but in a long run it will save your time and money. The training can either be permanent or temporary but it infuses your team with a new perspective and challenges other than the basic cultural assumption one has of the partnering companies’ country.

Gain knowledge

It is always better to know more about your prospective market. There can be a lot of difference in behavior, norms, values, etc. between the two countries and their markets. It is good to know what is valued and appreciated in the country you want to develop your market. Many a time a word in your country can have a different meaning in some other countries. For example, take the word ‘quality’. In some countries it can mean delivering on time, maybe in other, it can be the best possible product and to other, it can be completely different.

Make a plan

You should make a strategy and plan it out how you are going to enter the new market. The technical skills that you are familiar and the experience that you have gained through these years can be your formula for success. Many IT companies which have gone abroad have failed because they did not know what the client expected as there did deficiency of cultural understand on both the sides. When you plan it out let someone from outside evaluate and assess your plan and it is one of the methods that you can develop a winning business development plan.

Feedback from clients

If feedback is taken seriously it helps to improve your shortcoming. It is good when your client praises you. You can ask for feedback with every commitment that your company has accomplished. Allow the client to fill in the feedback form and do not forget to ask at the end how can things improve. One can use feedback to improve and make changes whenever needed.

Strategic alliance with companies

Getting into strategic alliances with companies abroad will broaden your perspective in the business activities you are involved in. One should be aware of own company’s strength and weaknesses that are real and practical which in long run will lead to your successes and failures.

Diversified team

Your team should be as diversified as possible on parameters like age, gender, education, language skills etc. This diversification will help you succeed more likely than you may think of, as each member will have a different view and opinion. Initially, you may not be comfortable with the team but you will have a very wide range of options that you can work upon.

You can easily face the competition in a foreign country by doing things smarter than your competitors.