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    9 Replies Latest reply on Jan 13, 2012 12:05 PM by LUCKIEST

    How do you manage explosive growth with limited experience?

    markh76 Wayfarer

      I have a business that is exploding in every direction and with my limited business skills, but with my customer service/technical skills, the company has grown tremendously. Now though, the potential growth is being hindered by my lack of other experience.

       

      I'm out of space for new employees, have no room for additional stock and have a demand for it but I'm stuck in a lease until October. (I know, rent a storage unit)

       

      I have no marketing plan, no business plan, no strategy and lack the skills to develop and implement them.

       

      It's sounds bleak and is not all that bad but it is the lack of control and frustration that I'm feeling. I have a great team of people working for me but they're all maxed out already.

       

      I'm a firm believer in small salary and profit sharing to provide a good paycheck but I'm not a firm believer in a huge salary up-front and then watching a person not work to earn it. How do you find the person with the skills that I'm lacking, who is willing to take as much risk as I am without demanding a huge up-front salary?

       

      We went from 900k in sales in 2010 to 4 mil in sales in 2011. I'm overwhelmed, need help and see so much more potential growth slipping away because of lack of resources to go after it or manage it.

       

      Thanks, Mark

        • Re: How do you manage explosive growth with limited experience?
          Btepfer Wayfarer

          What type of business.  Is it financing you are looking for or management help

          • Re: How do you manage explosive growth with limited experience?
            Clear Presence Media Scout

            This is the best problem to have in business. If you are having problems expanding, you have a few options. You can -

             

            1. Raise prices - Price is a way for you to filter out demand. If you are selling product too fast, and not ending up with enough money at the end, then maybe it is time to start phasing in a price increase. This will likely weed out the "cheapest" buyers (complainers), and establish your brand as more "premium" or an up and comer.

             

            2. Get financing - Hire somebody to put together some great materials to show investors and banks, and try to get a loan or investor

             

            I dont think it is a huge problem to not have any formal business plans, but it is VERY important to have an informal one. I use mindmaps personally, but you need something to hold your ideas in.

             

            Hope this helps!

            • Re: How do you manage explosive growth with limited experience?
              markh76 Wayfarer

              Thanks all for the responses while in my moment of self-pity.. I still have a problem of managing the growth but our pricing is good and our product is moving. Our problems of managing and handling the growth are all internal. Suprisingly enough one step that I took was to hire an assistant/bookkeeper and so far the free time that has provided me has given me a bit of sanity back by taking away some of the daily tasks that consumed my time. I guess the other things will come with time but for now the waters have calmed a bit.

               

              Thanks, Mark

              • Re: How do you manage explosive growth with limited experience?
                LUCKIEST Guide

                If you've like most business owners (including me), your first thought is, "How can I get a sales letter up so I can say 'yes'

                right away?" There's a reason windows of opportunity tend to come fewer and narrower these days.

                 

                So...what can you do?

                 

                That's easy! Learn to use the copywriter's secret weapon:

                 

                SWIPE FILES

                 

                Swipe files aren't just "grab and go" invitations to steal.

                They're examples of *proven* high-converting copy that you use to model your own copywriting project.

                 

                Swipe files make copywriting SO much easier, but there's a catch. Most business owners don't know how to use swipe files, so they send the wrong message and scare away buyers.