5 Things to Consider When Growing Your Company

I came across this article about the five things to consider when growing your company. Here are a few snippets that you might find interesting:

Unfettered growth, without proper direction or guidance, can end in disaster. Growing by $420,000 in annualized revenue in six months sounds like a great thing, but considering that we were ill-equipped to properly address that growth, it nearly destroyed the company in the process.

Question One: What Is Our Growth Plan?

Taking some time to massage your growth plan may prevent you from being crushed beneath the weight of new sales and customers and everything that comes with them.

Question Two: How Will Growth Affect Staffing Requirements?

Because we hadn’t properly planned for the level of growth we experienced, we did not have our administrative or training processes to the point where they were able to sustain the growth. Subsequently, our profit margin tumbled and the level of customer and staff complaints skyrocketed.

Question Three: How Will Growth Affect Operations & Processes?

Without the appropriate processes in place, late nights and frustrated staff became the new normal. It was a disaster.

Question Four: How Competitive is the Segment We’re Looking to Expand Into?

I believe that business thrives on competition; competition doesn’t have to be scary. Do your research and ensure you know what you’re looking to grow into.

Question Five: Should We Focus on Quick or Strategic Growth?

Preparing for growth is essential, as once growth happens, you won’t be caught off-guard.

Want to know more? Head on over to the full article here for more ideas and perspective. Afterwards, why not drop me an email to share your thoughts at robert@vicleaders.com.au; or call me on 0467 749 378.

Thanks,

Robert