Has your creative business experienced rapid growth or significant operational changes? Changes to your business such as these can result in challenging growing pains. This can be due to a number of factors…
In these cases, there are many common growing pains that your business may experience.
The larger your business gets, the more complex cashflow becomes. You may find that you’re struggling to balance your business’ income with its overheads, and are lacking sufficient cash to meet financial obligations. Our team of accountants and former creative business owners have the perfect experience to advise on the best ways to manage your cashflow.
If your business is growing, it’s likely that you’ll find yourself needing to hire more employees. It’s generally good when your business grows, but you may struggle to find the right talent for your expanding team, and may also find it a challenge to manage a larger workforce.
It’s very common for changes and growth in a business to interrupt the smooth flow of operational processes, causing disruption. This inefficiency can cause reduced productivity, slowed production, overstock, or unhappy customers.
When scaling your business, you’ll need to consider the need to adapt your leadership style to be in-line with your operational changes and new decision-making processes. You should also consider how to build and develop a leadership team that will allow you to remain working at a strategic level and not necessarily in every day-to-day operational aspect.
If you plan on growing your organisation, you’ll inevitably need to update your technology infrastructure and keep up with any advancements in technology to support your operations. Taking learnings and insights from your peer group within the industry is a good way to benchmark and improve your own technology infrastructure.
As you’re changing, so is your competition. But not at the same rate, meaning they may not be your competition anymore. If they’re growing more or less rapidly than your business, you’ll need to reassess who your new competitors are. Working with business advisors who understand the creative industries will enable you to discover how best to continually improve your own creative business and stay ahead of the competition.
Growing pains can always be overcome with a successful strategy and carefully planned solutions. Navigating through these challenges ultimately means you’re better placed to capitalise on new opportunities and achieve long-term success.