3 Ways New Companies Can Grow Quickly

Every start-up or small business wants to expand. Maybe they don’t have plans to become a multinational conglomerate, but they all anticipate growing sales and wonder how they can eventually scale up.

Business leaders know their companies and cultures better than anybody, but there are a few common things managers and executives can do to help grow their companies. 

1. HR On-Demand

Companies need to provide employees with a robust human resources department to handle many issues, from onboarding, compliance, training, handling complaints and disputes, and more. Large businesses need a permanent HR department, but smaller companies don’t necessarily have the same requirements.

Modern, tech-forward companies like AugmentHR provide customized and flexible HR services companies can buy only when they’re needed. It used to be impossible to purchase HR on demand. Innovative tech services combined with experienced HR professionals have changed the game.

Between legal compliance and providing employees and managers with an official source for company information and support, a human resources department is essential. HR plays a crucial role in cementing the people and policies in your company. But don’t pay for more than you need. 

2. Market Research

Sun Tzu’s famous military treatise and strategy guide, The Art of War, says that spies provide the information that lets an army march and that if you know yourself and your enemy, you need not fear the results of 1,000 battles. In other words, good intelligence is the foundation for all planning. 

Business leaders today still consult this book written over 2000 years ago and understand this passage to speak to the importance of knowledge, which comes from market research. Understanding your customers, potential customers, the products, and their wider culture can open enormous opportunities. 

You also need to understand your competitors, to learn from them or throw a wrench in their plans. Market research is the bedrock on which all business decisions rest. Research thoroughly and carefully, and when you think you’re done, do more. 

3. Participate in Networking Events 

Some corporate leaders struggle to mix business and pleasure. At networking events, they have difficulty wearing both hats at once, as their vested business interests make socializing awkward or strained. 

Don’t overthink it! These types of reservations are not uncommon, but they’re unnecessary. Many people are in a position where they want to further their business, make contacts, grow their understanding of the industry, and just have some pleasant chats with like-minded people. 

Just try to relax when you talk with people. You don’t need to lay your business case on too thickly or give an elevator pitch every time you speak with somebody. Hang out, engage in some small talk, and share a laugh or two. When industry stuff inevitably comes up in conversation, then you can begin the shop talk.

Growing a business is hard work, and even if there’s overlap, no two companies do it in exactly the same way. Explore the above advice deeply in ways that suit your industry and company culture, then consider how best to implement one or more of these recommendations.

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