In today’s business world, the ability of blue-chip companies to continuously develop new strategies to overcome their hurdles give them an edge over their competitors. Well, this same thing goes for startups. As a matter of fact, new startups tend to face even more challenges.
But then, these obstacles are realities that they must come to terms with. Evidently, the challenges that stare them in the face include a limited amount of time, space, money and qualified people. At this point, one may wonder how these startups can maximize the little things they have to their advantage. They often ask, “How do these startupreneurs tackle these daunting challenges to stay competitive in their industries?” Well, capacity building is the answer.
Without mincing words, they can grow by simply developing their capabilities around those challenges. First and foremost, what is capacity? Put simply, capacity is the maximum amount or volume of things that something is capable of holding. This definition is very straightforward. The question now becomes, “How does one boost his capacity to grow his business?” If you also seek an answer to that question, this guide will walk you through how you can achieve that feat.
4 key capacity increases that lead to business growth
We have discussed some time-tested approaches that you need to consider below.
According to a Wall Street Journal report, most office workers waste 40 per cent of their time. If that is not worrisome, then what is? Come to think of it, how do we relate capacity to the time context? Here’s the explanation: We all have 24 hours in a day, meaning that what you do with it is entirely up to you.
One thing is certain, no one gets a little more than 24 hours in one day. So, optimizing your capacity in the context of time means accomplishing your daily tasks to achieve a desired result.
To make the most of the allocated amount of time, you must ensure that your body is given the right treatment. Just like your machines need periodic maintenance to operate optimally, your body needs rest, good food and workouts to do the same. Also, a healthy brain assimilates and processes information at an amazing rate.
Given that your brain never gets a rest, you have to deliberately give it one. In her study, a researcher at the University of California, Sara Mednick, stated that those who often get naps are more likely to be more productive than those who do not. Therefore, adequate time management is important.
Apart from proper time management, another capacity that you must learn how to work around is money. While we are so used to the cliché that money is a tool that boosts businesses, one thing nobody tells you is that money may also ruin it. Hence, being on top of your game when it comes to money management is critical to taking your company to the next frontier. Yes, money is the lifeblood of every organization, so you need to make more of it. In the quest to ramp up your revenue, there are certain details you must pay attention to:
- Create a proper budget
- As your cash flows increase, consider getting experts to help manage your revenue
- Weigh the option of engaging private investors. Venture capitalists, for instance, give startups all they need to prosper under certain terms and conditions.
When you have an eye on these intricacies, you are evidently scaling the positive vibes that money brings. In turn, the outcome is growth in all ramifications.
3. Qualified people
Having amazingly creative people in your employ is a blessing, but having the knowhow to manage them could be challenging. Do you know why? That’s because your competitors are probably asking them to quit your company for theirs. Not to mention the fact that they would even pay higher than you do. So, you must learn to build and manage a team. With that said, develop the right social skills to work with people as talented as you are. Here are a few notes:
- When you delegate tasks, you are buying back your time
- Develop an organogram and ensure that roles are defined
- Make creativity a watchword to get your staffers to think out of the box
- Appreciate and motivate them when they do something extraordinary.
Notice that employers reward results and not necessarily the efforts. However, you should show some appreciation whenever the desired result isn’t achieved despite the concerted effort put into a task. When you manage your workers well, the sky is going to be your starting point – not your limit.
What comes to your mind when you hear a businessman mention space? Most times, space goes hand in hand with supply. As a startup in the real sector, you must be wary of not having enough space that can warehouse more than the order limits of your current customers.
For instance, if you cannot boast of space that can hold up to 10,000 units of your product because your current demand sits at 5,000 units, then you have something to worry about. You should have a rock-solid supply channel that can supply you enough raw materials to cater for contingencies.
Also, there should be a backup supplier that can create a safety net for more raw materials and consider doing a time/size analysis. This analysis will help you understand how possible it is to cater to such demands. Additionally, weigh the option of running a second shift.
You may have a vision and well-articulated strategies for translating your vision into reality. However, lack of experience is still a problem. Given that you are in uncharted waters, you find it extremely difficult to translate your strategies into practical realities. Well, this is often the case even though they appear logical and practical. In a similar vein, working for someone is one thing, managing your own startup is a different kettle of fish.
But then, we have taken some time to explain some hitches that you will definitely face and how to tackle them head-on. The truth is, every organization has its hurdles, and your ability to overcome them or not allow them to overwhelm you will ultimately determine whether your business will become a roaring success or colossal failure. But in this piece, we have outlined crucial steps that you must take to make your firm a success story.
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