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How to manage growth for ongoing success

  • Adroit Insurance and Risk
  • September 21, 2016

Experiencing business growth is fantastic, but ongoing growth over an extended period of time can be challenging. With growth comes change, and for many businesses it’s hard to keep up.

The key to maintaining success during these times lies within your leadership approach, procedural flexibility and your safeguards for when the unexpected happens.

Support your team

Inspiring, empowering and involving your staff in business developments can create or strengthen a good work ethic, which in turn leads to further growth.

After 15 years of advising businesses through transition periods, our Ballarat Branch Manager Damon Edwards has seen it all

“It’s about bringing staff along on the journey with the business so they feel the growth is a result of their work as well. If you involve your staff and engage them in your business, you’ll find your success will continue because they actually care about what they’re doing,” Damon explained.

Adapt and be agile

Our Traralgon Branch Manager Justin Schembri says many businesses need to ensure that their procedures adapt to handle their growth.

“What might have worked when they were small might not be the best thing when they’re bigger,” he says.

As a business, being realistic about your current financial position, office dynamic, size and customer base will allow you to better understand how to leverage your resources for sustainable growth well into the future.

Prioritise risk management

Ensuring all staff are familiar with – and adhere to – shifting occupational health and safety practices is key to mitigating risks.

“If you are growing quite quickly there are plenty of balls in the air. Ensuring your staff are able to cope with that rapid growth is about having the right risk management processes in place,” Ballarat Branch Manager Damon Edwards summarises.

Many businesses find it difficult to keep up with the increased responsibility that comes with growth. With more invested into assets and your workforce as you’ve experienced growth, it’s important to make sure you’re covered for all worst-case scenarios.

The risks that come with periods of change mean this a great time to seek the bespoke advice of an insurance expert to mitigate the potential damage to your business. A qualified Insurance Risk Adviser will help you to manage your risk by sourcing insurances solutions which compliment your needs, ensuring your energies are focussed on future sustained growth.

Adroitness is brought to you by the expert team at Adroit Insurance Group

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