When your company is expanding faster than expected, it may appear to be the finest type of challenge to have. try pain-free growth methods. Perhaps you’ve found your stride in an underserved market, or perhaps you’ve completed some large projects that resulted in high-quality recommendations. In any case, you’re obviously doing something right.
This insight is extremely affirming and motivating in and of itself. Not only does this imply that you’re receiving more money. High-growth companies frequently have distinct cultural advantages so that they use pain-free growth techniques and methods to apply on. Some individuals will want to join the agency specifically to be a part of your strong upward momentum, since this is the type of workplace they want.
New but fast growing agencies usually provide greater room for individual contribution and expression, which (understandably) attracts a lot of creatives. It’s invigorating and inspiring to watch everyone pitching in to move mountains. These types of organisations may be a safe refuge for people who thrive when they are given greater authority over their job and are allowed to be themselves. They want to work hard, have fun, and bring their entire self to the table.
High Risk, High Growth? Use Pain-Free growth Methods
However, there is a delicate balance to be achieved between winging it without any structure and imposing a limiting amount of procedure. When it feels like you’re always extinguishing fires that might have been avoided, a maverick culture may become sour. The difficulty is to keep the benefits of a highly motivated, artistically rich, and unfettered atmosphere without relying on people to get the task done no matter what.
As a tiny agency, you may get away with low-process, ad hoc, reactive methods of working. When everyone is in the same room, everyone is in the same WhatsApp group, and everyone goes to the bar for happy hour, it’s easy to troubleshoot and discover rapid remedies. However, when you grow in size, things become more complicated. When no one knows who is working on what, for how much of their time, and whether they are at capacity, the dream team may turn into a nightmare.
With a larger team comes the opportunity of taking on larger or more projects – but this, too, necessitates a different manner of working than you may be accustomed to. Larger projects, with larger costs, need greater planning and documentation. These types of projects may also require more client involvement in the long run, which means you’ll need to figure out how to manage the additional client communication demands.
Hiring a delivery or operations lead to develop processes and put in place supporting structures might be beneficial. Even if you do add a delivery manager to your team, they are not a band-aid that can cure everything on their own.
Growing Hurdles for pain-free growth
Whether you have the means to employ a dedicated job focused on your agency’s operational side, or you as the agency leader must deal with these difficulties on your own, here are four common growing pains that your agency may experience as it expands.
Getting the correct staffing levels
When your company is rapidly expanding while applying pain-free growth techniques, it’s tempting to recruit as many people as possible in order to keep up with the additional business. However, while it goes without saying that bringing new individuals into the team is exciting, it is critical to ensure that you truly understand the increased resource demands before bringing on new people.
Having a clear picture of your current resource usage is critical for making educated decisions about team expansion. However, in order to obtain this oversight, you must ensure that your staff is precisely measuring the time they spend on tasks. Tracked time entries may disclose where your employees are spending their time, how much of their time is spent on client-facing work, if one function or skill set is overburdened or under utilised, and a variety of other critical information.
This data can help you make better informed decisions about whether to start advertising for new personnel and when to stick with the amount of staff you now have. Maintaining clear communication. Communication gets increasingly difficult as your company expands. With a smaller team, everyone is usually involved in every project or decision. Maybe you have a daily stand-up meeting that everyone attends, which is simple when you just have seven or eight individuals. This will undoubtedly alter as you scale up.
You must put in place the architecture that allows employees to effortlessly cooperate and receive essential information from their peers without being a drain on people’s time. More meetings are not the solution to this problem, nor is sending an excessive number of emails!
People are becoming increasingly accustomed to using collaborative workplaces where they may collaborate with their coworkers in real time. Indeed, at this time, it’s certainly safe to conclude that having a collaborative online workspace goes beyond being a “nice-to-have.” Most good project management tools allow you to comment on assignments and tag coworkers, informing them that their attention is required. It makes it significantly less probable that something will go unnoticed.
Creating processes to handle the increasing burden
Whether you’re seeing more tasks from clients who have been with you for a while or new business coming in through recommendations, quick growth equals more work! If your company is still using spreadsheets, you might want to consider something more committed and complex. Spreadsheets may be perfectly functional while you’re little, but they’re highly manual. The larger your company grows, the more complex your spreadsheets get, and the longer it takes to maintain them (not to mention the fact that more complexity means a higher chance of errors being made).
It simply isn’t a good use of time when there are project and portfolio management tools available that are designed to make the task of managing multiple concurrent projects easier with all pain-free growth techniques. Remember that installing any new software takes time because users must learn how to use the system and any current data must be moved. As a result, you should definitely implement a system that can resist the stress test before things get out of hand at work.
Keeping a competitive advantage
As you expand, you’ll most certainly find yourself competing with other businesses – individuals that have been in the field for a longer time than you have. You may be more nimble than they are, as well as possessing more energy and determination. However, you may be aiming for the major projects and high-profile clientele that are their bread and butter, and they will have tried-and-true methods.
To be robust, you must remain competitive. And in order to do so, you will need to work smart and keep a close check on the figures. However, because you may not yet have the finances to engage a CFO, you must find a way to maintain your financial data accessible and correct without devoting hours of your time to it.
To make things easier, manage your agency’s projects using a system that unifies project financial data (for example, project budgets, rate cards, and retainer payments) and allows you to generate reports based on this data.
Forecast’s advanced analytics feature AvA is an excellent example of a technology that helps simplify managing agency finances. It enables you to create bespoke reporting dashboards for quick access to information about your organisation’s financial health whenever you need it.
Increasing the Scale by pain-free growth methods
This moment of expansion will definitely be exciting for your company. However, progress necessitates change, and no change occurs without some bumps along the road. Our four examples are only a handful of the concerns you may encounter; your business is unique, and you will certainly confront obstacles that are unanticipated and specific to your circumstances.
You may feel like you’re up against the world at times, but when you’re done, you’ll have learned some fantastic business skills that only experience can teach. Ultimately, every agency started somewhere, and every mid- to large-sized firm has gone through the growing pains. They all discovered a secret recipe for making growth work for them.
The same may be said for you and your company to apply these pain-free growth methods. Maybe you started with five individuals; maybe you’ll have fifty by this time next year. If you are aware of the difficulties that expansion might bring and address them proactively by making your processes scalable, you will put your agency in the greatest position to succeed.