You may not realize it, but you need to prepare for business growth just like any other form of business change. Without proper preparation, the growth that does happen may be out of your control, and that's not a good thing; it can mean suddenly needing to pay out more money, or it could mean finding that you're understaffed. We've put together some ideas on how to prepare for business growth so that when it does come, it is definitely seen as a blessing, not a curse.
What Does Growth Mean For You?
If you're going to be prepared for something, you need to know what that something is. You need to be able to understand that you have reached your goal and that the growth you expected or predicted is actually happening. Therefore it's important to work out what growth means to your business. This can be partly done using your business plan. Where did you predict that your business would be 12 months from now? Or five years? Is this going to happen? If so, do you have the infrastructure to deal with it? If not, what happened to change the course you were plotting? Finally, what does growth mean to you personally? Are you prepared to put the hard work in, or would you rather grow less and have more time with your family? When you are planning your business to grow, it's important to carry out the relevant research first. Just like you wouldn't attend an interview revolving around IT without checking out an IT interview guide, you wouldn't simply start growing your business without looking into what it will take.
Keep Your Funding Sources Close
As you grow, you may need a cash injection from time to time. The faster you grow, the more cash you'll need quickly. Therefore it's important to keep your funding sources close at all times. Regular cash flow projections should enable you to know just when you are going to need some extra money, and it is then that you will need to receive that money from investors, or go to your bank and request a loan. Make sure that you have both primary and secondary sources of funding available; the financial climate can make it hard to be sure that your investors will have the capital to give you at any given point.
Hire The Right People
In order to prepare for business growth, it's important to have the right employees. You need to hire the right people, the people with the skills that you need right now, but also the people with the skills that you'll need in the future when the growth happens. Looking ahead is essential because without the right staff your business growth will be stunted. It's also vital that you not only have the right people but that you as asking them to work in the right capacity for you. Have regular staff training and assessments so that you can make sure that your company is running as smoothly as possible thanks to the staff you have and the skills that they can bring.
