Growing a business is a normal aspiration, but how do you manage growth without putting pressure on current operations and have it all come undone?
5 Tips to Manage Your High Growth Business
- Plan – have a documented plan with specific targets, rather than a vague notion of growth. Create an Operational Plan to achieve targets covering marketing, sales, purchasing and supply, logistics, staffing and premises. Translate your ‘Operational Plan’ into a ‘Financial Plan’
- Measure and adjust – to ensure you get the desired results, you need systems in place to measure growth and to be willing to adjust expectations up or down if necessary.
- Communicate – your plans with your team, so everyone knows what’s expected and ‘on board’ with the plan.
- Keep things up to date – with ‘business as usual’ i.e. don’t get so focused on the growth plans that existing business gets neglected.
- Be flexible – this is key and needs to be built into plans. Plans need to be adjusted sometimes to allow for business feedback or changes in market conditions.
Growth in and of itself is no guarantee of success, but if you manage growth correctly, you enhance your chances of success immeasurably.
To get more detail and suggested actions download our eBook ‘Managing Your Business Through Rapid Growth’.