Work out if Growing your business is right for you!
Here are some items as a business owner you should consider when taking the plunge to grow your business.
- Why should we grow the business?
- How big should we grow and % of sales growth
- Is your business ready to take on growth
- what are the best ways to take on growth
- What is the risk we have to manage when growing the business
Growing your business relies on you as the business owner managing growth. The questions above should be considered before embarking on your growth plan. So often many just launch into growth without understanding the consequences of what growth will bring
Good growth can lead to increase value to your business
Growing for the sake increasing revenue may not lead to the outer comes you desire.
Things that need to be considered for growth:
- What will the increase in revenue do to my bottom line profit?
- Will I have the $$$$ to finance expanded growth and capacity?
- Do I and my team have the skills and the ability to deal with the growth
- What if any services or products should I let go off in expanding the business
Finally, while growth may not be right at the present time, it maybe the right thing to do after you have planned the next stage . Always keep working on the business not in it!
May your growth bring you much happiness and improvement to your bottom line.