Manage Hyper-Accelerated Growth In Your Business

Chiefly Consultants helps fast-growing finance businesses identify their challenges, implement the right solutions, and monitor outcomes for a better future.

Key takeaways:

• Finance companies grow quickly due to factors like new digital technology and mergers and acquisitions 
• Prioritizing cash flow management and hiring a Chief of Staff are a couple of ways to stay on top of hyper-accelerated growth
• Chiefs of Staff from Chiefly Consultants help finance companies by:

1. 1. Identifying their biggest challenges
   2. Putting the right solutions in place
   3. Monitoring results over time

Tech companies often start up expecting exponential growth that launches them into a successful future. But the tech world isn’t the only industry with a lot of fast growth. Finance companies are also known for seeing hyper-accelerated growth early on. Employment within the financial management industry is expected to increase by 15% between 2019 and 2029, and the finance and insurance market size in the U.S. is $6 trillion in 2023. Fast-growing businesses of any kind face a host of challenges, even while significant growth is a good thing. They have to deal with managing more customer demands and a growing workforce. They may be outgrowing their current resources quickly, and it’s hard to catch up. Growing quickly can feel like a whirlwind that you’re not prepared for. Here at Chiefly Consultants, one of our focus areas is helping fast-growing finance businesses succeed. This guide walks through why finance businesses often grow quickly, what finance businesses can do to deal with hyper-accelerated growth, and how Chiefly approaches working with these types of businesses. 

Why do finance companies grow quickly?

One reason that finance businesses are known for fast growth is that they leverage the power of compounding through interest rates. This means that the returns on their investments accumulate over time. As a result, their profits grow exponentially, leading to significant business growth in a short period. Finance companies can also attract large amounts of capital from investors due to the perception of low risk, high returns, and stability in the industry. This influx of capital allows them to finance expansion plans and make strategic investments to fuel growth. The finance industry is also becoming increasingly digitized with the development of online banking, cryptocurrency, and mobile payment solutions, leading to lower overhead costs and increased efficiency. Finance companies that adopt these technologies can grow quickly when compared to businesses that don’t. In addition, finance companies can expand their business quickly through mergers and acquisitions. By acquiring or merging with other companies, finance organizations can enter new markets, expand their customer base, and increase profitability.

How finance businesses can get on top of hyper-accelerated growth

If you run a financial services business, you may be overwhelmed when you start to grow quickly. What can you do to get on top of it? Follow these strategies to reduce some of the stress on the company and keep growing:

• Prioritize cash flow management: Cash flow is one of the biggest problems for fast-growing businesses. You may think you have plenty of cash coming in to cover your expenses, but when those expenses start increasing, and schedules shift for when you’ll get paid or have to pay bills, cash flow can become a problem. Create regular cash flow forecasts and plan for unexpected costs along the way.
• Consider all financing options: Remember that you have options for financing your fast-growing business. Depending on investors is a great option, so you don’t have to accumulate more debt, but remember that they’ll have a share in the company. You can also consider business loans, which are especially helpful when you need to fund a big project that will pay off.
• Stay on top of staffing: You’ll likely have to add more people to your payroll when growing quickly. Be careful not to over-burden the staff you already have, and pay close attention when it’s time to get some additional help. You could even consider hiring contract or temporary help when you need it.
• Hire a Chief of Staff: Many fast-growing companies bring in an expert to help with operations and strategy. A Chief of Staff is a good idea when you need a professional to help you make business decisions, stay on top of processes and staff, and oversee changes that growth brings to the company. A Chief of Staff enables you to avoid trying to do everything yourself.

The first step in getting on top of hyper-accelerated growth is to recognize what’s happening and stay aware of what your numbers are telling you. Dedicate time and energy to developing strategies that will help your business continue to grow successfully. 

How does Chiefly Consultants manage hyper-accelerated growth?

Chiefly Consultants offers an exceptional Chief of Staff solution for the finance industry. Our consultants work closely with your business to help you define and meet goals, streamline processes, and become more efficient overall. These improvements allow you to continue to see that fast growth.  Here are the steps we take when working with finance businesses seeing hyper-accelerated growth:

1. Identify the challenge

We always find out what’s causing the problem to address it head-on. We know how to uncover the root cause of your biggest issue related to growth. For example, we helped one company discover that they just didn’t have the infrastructure to manage their massive growth goals.

2. Come up with a solution

Our Chiefs of Staff are exceptional problem-solvers. They know how to address your business’s biggest hang-ups when you’re trying to grow with clear, actionable solutions. For example, we can implement better technologies to support your workflows or help you improve your recruiting and onboarding processes.

3. Monitor outcomes for years to come

You won’t be able to see your impact without having a method in place for tracking and analyzing data. A Chief of Staff helps you monitor outcomes, change course when necessary, and use data to create more effective strategies moving forward.

Ready to see better results with Chiefly Consultants?

If you’re dealing with hyper-accelerated growth in your finance business, it’s time to seek outside help. The Chiefs of Staff at Chiefly Consultants are ready to understand your goals, identify your biggest roadblocks, and implement better solutions to improve your processes and outcomes. We offer fractional Chief of Staff services to help your startup without the commitment of a full-time staff member. Contact the Chiefly Consultants today to book a call with our team.