- Anticipate potential growth
- Communicate changes with employees
- Maintain a good balance of investment and profit
First, it is imperative to be organized in order to anticipate potential growth. For example, say you are running a pharmacy and you are used to filling 200 scripts a day. Let’s say business explodes and you start doing up to 500 scripts a day. You must consider: Do you have stock? Do you have man power? Do you have counter space? Together, these things will determine whether you can get the scripts done in a timely manner and keep business booming.
Next, an influx in money comes with changes in policies and procedures. You must communicate these changes to your employees. If your workers know which functions to perform in which situations, business will run more smoothly. So, while the pharmaceutical business as a whole is still booming, pharmacy law changes all the time. If your pharmacy techs don’t know which actions to perform, you may be penalized by state or federal law.
Finally, keep a balance between what you invest in the business and what you save. It’s not great to just sit on money, especially if you are running a business. If business is doing well, why not reward customers by revamping a part of the store front? Or, update your services. You must watch your money, though. Don’t overspend.
If you follow these 3 tips to stay afloat during times of growth, you will do well. If you think you don’t need help during a time of growth, you’re wrong. This is because these are the times when you need to anticipate growth, communicate, and maintain a balance of investment into your business.
If you’re a growing business and looking for grants, you will find them here:
If you have a business, product or service idea that would benefit the greater good, you should start a crowdfunding project on Uhelpfund and allow the people to contribute.
About the Author: Sabeen is a Masters in Public Health and currently writing for MWBEzone.com and its affiliated websites.