Hypergrowth, or the quick expansion many smaller companies start to experience once they reach a high level of success, is the dream scenario for entrepreneurs everywhere. While it doesn’t happen overnight, hypergrowth categorizes those businesses who experience extremely quick growth and revenue increases. But with all this rapid expansion comes a unique set of problems that some might not be ready for.
To help small business owners prepare themselves for continued growth and success, the team at CleverTap has put together the ultimate guide to hypergrowth. Their guide includes what you need to know about this unique path to success, the challenges you may face along the way and tips from those who have experienced it firsthand.
What to Prioritize During Hypergrowth
As you can see from the above graphic, the priorities of companies experiencing this extreme growth are a bit different than those growing at a more normal pace. For example, hypergrowth companies don’t need to focus on markets/clients as much because their rapid expansion speaks for itself, drawing in new clients with minimal investment.
A similar pattern emerges with talent, as companies that are well-known will naturally draw in better applicants than those struggling to grow. What these companies do need to focus on is scalability, to make sure their business can sustain and be profitable for years to come.
One real-life example of focusing on scalability comes from Uber. When they first started their business, applications to become a driver had to be done in person. This greatly hindered their ability to grow as well as expand to new cities because many potential drivers didn’t want to take the time to go into their offices to apply. To help solve this problem, Uber opened up an online platform for applicants which fueled growth and helped them scale quickly to dominate the market.
The Importance of Culture
Like in any business, a positive culture and a buzz-worthy mission statement are crucial. Not only does this help bring in better applicants, but it also shortens the hiring process and keeps employees at the company for longer. And if implemented correctly in the day-to-day business, a great culture can increase productivity and creativity of all employees.
One great example of the power of culture is Coinbase, who lost a lot of profits when Bitcoin started to drop in value. However, instead of losing a majority of their original workforce, their retention rate was rather high. This is because the employees as a whole were unified in their mission to change the financial structure of the world, however long that took. This mission statement helped to bond the company and lead to an increase in loyalty and innovation even as they started to lose money.
For more on hypergrowth strategy, including when it starts and the online metrics that help drive this sustained level of growth, check out the infographic from CleverTap below. And make sure to pay attention to the choices of other major companies and how these choices affect their bottom line, as it may just save your small business one day.
Salman Zafar is an ecopreneur, consultant, advisor, speaker and journalist with expertise in waste management, waste-to-energy, renewable energy, environment protection, conservation and sustainable development. His geographical areas of focus include Asia, Middle East, Africa and Europe. Salman is the Founder of EcoMENA, a popular voluntary organization based in Qatar. He is also the Founder and CEO of BioEnergy Consult, a reputed consulting firm active in biomass, waste-to-energy and waste management segments.
Salman is a professional environmental writer with more than 350 popular articles to his credit. He is proactively engaged in creating mass environmental awareness in different parts of the world.
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