All business owners want to succeed; growth is often a natural component of that success. Sometimes managing rapid growth, however, can be a challenge.
While keeping up with a growing business is generally a good challenge to have, local Chartered Professional Accountant (CPA) Nicole Cahoon says that a few key steps can ensure small businesses stay on track during expansion while continuing to keep clients and employees happy.
And she should know; her accounting firm grew 53 per cent in 2015 alone.
“Without a doubt, the best strategy is to be proactive rather than reactive,” notes Cahoon, who had to relocate her growing business to a larger office on Comox Road in Courtenay just before Christmas. “It’s always better to manage growth rather than have to adapt to it. Stay on top of any changes that affect your business, be they technology, tax legislation or time-tabling, and make sure to leave time for your own professional development.”
Cahoon’s quick to point out that while personal development is important, another key factor in managing growth is building a strong and knowledgeable team. She points to her own business as an example.
“I know what my business goals are and what my limitations are,” she explains. “Not only do I work on myself, I surround myself with amazing people. Employees should receive ongoing training so they can both excel personally and make your business stronger.”
Adding great staff, she adds, should ideally be done before a growing workload spreads current staff too thin. Cahoon did just that in December when she hired full-time bookkeeper Brianne Clare.
“I could see we were going to need more hands on deck due to our growth and with tax season approaching, so I hired Brianne because she was a perfect fit within our work culture of organized, efficient and friendly service with care.”
Cahoon’s final piece of advice is to consider your workspace. Do you have room for all the staff you’ll need? Is there ample parking and easy access for clients?
“There are so many things to consider when managing growth,” she says. “One thing you shouldn’t be afraid of is asking your customers and staff where you’re excelling and how you could improve. Feedback from my clients directly impacts my growth strategy. Not only do I want to grow and gain new clients; I also want to retain my current ones and maintain those long-lasting relationships.”
For further information on this and other aspects of small business, contact Nicole Cahoon’s office at 250-871-1121 or online at www.nicolecahoon.com, or visit her new location at 113 -750 Comox Road, across from the White Whale in Courtenay.
