Our Tip: “Fail Fast” When Managing Growth of a Small Business

For leaders of companies large and small, periods of rapid growth are challenging to navigate. As you evolve, keep in mind what decisions sparked your growth and embrace “Failing Fast”. The following are a few things RAS recommends:

Remember Your Passion
As the leader of an organization, a positive & energetic work environment starts with you. It’s extremely important that a leader is passionate about the business – ask yourself, “Is the game you’re playing worth winning?”

Share Your Vision…Often
Take the time to have strategic conversations with staff that describe your vision of organizational success and ensure the message permeates throughout the company.

Stick to Your Plan
You decided what you want and you know how to get there. Keep this in mind as you evolve because as a leader, you will need a strong “pick your battles” mindset to evaluate your priorities and respond to the most critical risks and challenges (people, clients, suppliers to name a few)

Manage to Your Budget
During rapid growth periods, good profits can be deceptive. Your business can easily fall low on cash as expenditures occur before sales are realized. Take plenty of time to plan for adequate cash to grow the business sustainably.

Focus on Organizational Fitness
Let’s say your business is steadily growing – do your processes still fit? Regularly evaluate and update organizational roles, structure, and practices to ensure accuracy, alignment, and efficiency

Grow Your Knowledge Capital
In order to sustain growth, you must hire and motivate the right people for the job. Be honest about the company culture and work ethic required. Share the stories of the company and organization with new hires- they will be contributing to the next chapter.

Refresh the Culture
Always foster a culture of change and innovation. Don’t let fear of failure hold you or your team back from trying new ideas and ways of doing business. It is better to “Fail Fast” and recover quickly than wait to see the outcome of prolonged and repeated mistakes. Your company is growing, not declining.