Just like a herd of gazelles moves quickly over the Savannah, gazelle companies grow swiftly over a short period of time. Investopedia defines gazelle companies as businesses that “double its revenues over a four-year period” while “starting from a revenue base of at least $1 million.” That’s a 20% increase each year… quite a feat!
When a business booms this quickly, it can easily get caught up in its growth. Following these nine simple tips can help position gazelle companies towards success, so they can continue to expand for years to come.
Tips for Success Among Gazelle Companies
1. Practice Consistency
When your operations are consistent, it’s easier for employees to notice an abnormality that needs to be addressed. Furthermore, consistent operations make it easier for new team members to acclimate to the company. This factor is a must for a growing business.
2. Focus on Client Service
It’s paramount that a company never forgets the people who got them to this point of success — the clients. Therefore, don’t let the rapid growth distract account managers and other employees from providing excellent service at all times.
3. Instill a Teamwork-Driven Company Attitude
An employee should never respond to a manager with “that’s not my job.” If something needs to be done, it’s every team member’s responsibility to do what is in their power to meet the objective.
4. Foster Creativity
Not only will your employees appreciate a work environment that allows them to stretch their creative muscles, a company that encourages creativity is better able to solve problems that arise with rapid growth.
5. Pay Attention to Competition
Your company doesn’t need to live and die by what your competitors are doing, but ignoring them opens up a giant blind spot that can be taken advantage of in the future.
6. Be Painfully Organized
When it comes to growth, it’s easy for a company to set certain things aside for them to get lost in the shuffle only to realize down the road that having that certain thing on hand could be a real help. When it comes to operations, over-organize just to be safe.
7. Outsource When Needed
The more your company grows, the more big picture ideas you need to stay on top of your market. Make sure your big picture people have enough time to follow through with their ideas by outsourcing work where needed — for instance, in software development.
Gazelle companies and their speedy growth are becoming more and more common. At Number8, we help gazelle companies stay on top of their growth by connecting them with top tier outsourcing talent. If you’re interested in learning more about Number8 and what we do, give us a call at (502) 890-7665, or check out our information page!