Most entrepreneurs envision their business growing in some capacity. For many founders, the journey entails hitting a rapid growth phase, typically defined as increasing 15-25% annually, according to. Most companies don’t reach this point. From 2010-2020, the average company grew by just 2.8%, with just one in eight reaching a growth rate of 10%, according to
So, founders leading companies in a rapid growth phase should feel a sense of accomplishment. While exciting, this phase can also be extremely challenging. Growing 15-25% means expanding your business in new ways, which can stretch your skillset, budget, and patience.Surviving rapid growth requires a strategic approach and a resilient mindset."Growth is an exciting challenge, not a destination.
Rapid growth often comes with increased financial pressures. It’s easy to fall into the trap of overspending in anticipation of future revenues. But this can lead to devastating outcomes if those future revenues never arrive. Also, it’s important not to lose track of the bottom line.
A clear vision will provide direction and purpose, guide your team through any challenges, keep your business grounded, and resonate with consumers.“While you need to stay focused on the present, you must also plan for your company’s future. What is your ultimate goal, and what steps do you need to take to get there? Don’t lose track of the long-term plan,” says Maska.
Surviving the rapid growth phase of a business is a marathon, not a sprint. Taking a strategic approach to growth while maintaining communication and prioritizing your existing customers can help position your business for long-term success. Embrace the opportunities that growth brings, but remain vigilant and adaptable to ensure your business thrives in the face of change.Our community is about connecting people through open and thoughtful conversations.