While overwhelming demand for a business is great, it can easily confuse a CEO, especially a newly minted one. Be wary of premature celebrations. Stay grounded and remember that demand doesn’t translate to money unless the goods are delivered.
Here are some ways you can be smart about an influx of orders. To start it off, a vacation isn’t part of the plan.
Get More Money
Unfortunately, while massive orders are great, it can be very costly. Overhead will rise as you try to produce more. More capital will be needed for new equipment or additional staff. This can mean taking out more loans or taking more money from your savings.
Crunch the Numbers
Try your best to remain profitable. You can do this with a lot of number crunching. If your team doesn’t have an experienced accountant yet, now could be a great time to hire one. Some products, especially hand-crafted ones, are only viable on a small scale. Always be wary about the many risks of rapid expansion and keep thinking a few steps ahead.
A massive initial order would be great, but you’d want them to keep coming in. Setting up headquarters in the world’s major cities might not be the way to go. An outsourced sales specialist can step in and broaden income channels for your products. This is a great opportunity that helps unload some weight from your team. A company like SalesMENA, for example, can help bring your products to challenging territories of the Middle East and North Africa.
Learn from Mistakes
From overstocking supplies or underpricing your goods, there are many mistakes to be made in the fast lane. Speedy expansion should be a valuable learning ground for you and your team. Spot mistakes and strive to innovate so they never happen again.
Congratulations are definitely in order upon success. But to be successful and to make the most out of the opportunity, informed planning and a cautioned move forward are your best bets for a sustainable, long-lasting opportunity.