Once again our illustrious leader has taken time to enlighten the business community with a well written and informative article published on growthbusiness.co.uk. A website dedicated to helping fledgling businesses grow in an ever competitive marketplace. As a company we are proud that our CEO has been recognised for all his hard work, and that he wants to share his insights into our success.
Telling the story of the birth and rapid development of Fantastic Services, Rune Sovndahl touched on some very valid points and possible pitfalls that are relevant to any business looking to grow. A business is only as strong as its staff, and a team must be just that, a team. Rune admitted that in the initial rush to fill in the gap in the market and expand as rapidly as possible, he and his business partner Anton, hadn’t realised the amount of anxiety felt by their staff. He made the point that major upheaval can upset staff that felt they were ‘a valuable piece of the business jigsaw’ but suddenly the company is moving so fast that they can feel their status is insecure. A business suddenly morphing into a bigger concern must have the moral of its staff at the forefront of its strategy. It is far too easy to be engulfed in restructuring and planning, and end up having less time to really talk to your people. As managerial workload increases, business owners and managers have less and less time to follow company growth and development, as they were doing previously. So managers end up unaware of the pressure their staff are under.
One on one meetings with staff, and involving them at every stage of the planning process, asking for their advice on important decisions, are a crucial part of moving forward towards your growth. Rune then went on to discuss the timing factor when expanding. In the short term, money will be going out more than coming in, new staff, and bigger premises, even higher tax bills. All of which have to be factored into the timing of your expansion. Time your growth with lower outgoings – a bigger profit margin allows for more room to develop in.
But if you see an opening in the market, you have to go for it. The example Rune gave was one of growth in demand for online and phone app bookings in the USA. So knowing that it was only a matter of time before the UK followed, Fantastic Magic was launched. An SMS based service that solves any problems thrown at it. At the moment, a hugely popular service.
Any growth requires careful planning and research, if that research says move fast, then move fast. Just make sure you have plenty of chocolate and red wine for the staff!!