Written by: Rashi Saral
HOW TO REACH THE GROWTH PHASE FROM THE STARTUP PHASE?
Whilst commencing any work we are in the startup phase. Countless inputs and efforts are invested to take the voyage from the Startup phase to Growth phase. Similarly, in the business world, numerous efforts are required to just start the business. The building of clientele and winning the trust of clients over the products and services. The financial requirement is the aid through which a business empire can be built. In this phase, the entrepreneurs and the employees ought to sit together for taking collaborative decisions. When the company or business starts picking up the pace, a sense of confidence is developed. A little stability and growth are seen whilst moving from the start-up to the growth zone. There are several attributes, which we need to keep in mind:
Delegation of responsibilities
When the business is growing then it becomes quintessential for everyone to be more responsible. So, upper-level management ought to delegate responsibilities to the workforce. During the startup phase, the company has figured out the best talent, the skills of the employees, and the employees who need a push. During the growth phase, each employee now needs to be responsible and delegated with more responsibilities. This is done in order to make them feel more independent and decisive.
Proper management needs to be formed during this stage. It’s because during the starting phase everything was haphazard; no systematic process was there. Gradually, when the company starts to progress towards the growing phase then it becomes essential to manage the people. A proper hierarchical management ought to be formed, which will simplify the work and reduces the responsibility of CEO’s and other top level managers. If a proper management is not there at different levels then no proper and efficient execution of work can happen. People who are working since the start of the company need to be delegated with some senior-level authorities so that they feel a sense of importance.
It’s indispensable to hire HR’s and other upper-level managers as the number of employees are increasing. It becomes ultra-important to track the performance of each employee, their strengths and weaknesses, appreciating and rewarding schemes, their support system, problems, and how to motivate them to move ahead in the organization. Additionally, for the deserving employees, organizing a multitude of promotional strategies so that they can lead the people efficiently and smartly. For the employees who are slow in their progress, try to lend a helping hand to them. The sound management system plays an indispensable role in the growth and progress of the organization.
At the initial stage, the number of employees is less, the clientele is also not very vast, so there is no requirement to organize the data in the records; this can be done manually. During the growing phase, the dimensions of the company is expanding so it becomes quite necessary to maintain the data records related to multiple works in the system. Companies ought to hire data analysts and administrators to carry the process forward. Now, everything needs to be recorded in the tabular format so that data can be fetched easily, and the work can be completed on time. Maintenance of log records, number of projects allocated to employees, dates of deadlines, delivery dates, etc. need a cognizance and ought to be properly recorded. Therefore, now the employees should be proficient in data handling and management.
If the data is not recorded well and left unorganized then the ambiguity will be caused, which would definitely going to hamper the operations of the company.
Management of Employees
As the organization is growing, the number of employees is multiplying. So, it’s required to effectively manage the employees. As there are many old employees associated with the company, and also there is an entry of fresh employees, in this case, it becomes essential to guide the old employees to synchronize and adapt with the freshly recruited team.
The other point is the opportunities; every employee works for the growth so it’s the responsibility of the upper-level management to take care of their growth and development. There are many policies related to employees, which require an attention. Increment polices, to make sure whether the employees are ethical towards organization, their problems, how to make them independent, etc. managers need to look at all these.
To cross the growth phase and move towards the stability stage, persistent efforts in the direction of making each employee independent and efficient becomes the key.
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