Your business is doing great – sales are up, your staff and customers are happy, and the outlook is positive…
But you might be at the point, where if you want to grow any further, something needs to change.
That’s either because you don’t have the structure in place for growth, or you’ve hit a glass ceiling.
Expansion of any kind can be tough. And it’s important to think about what’s achievable through ongoing organic growth, as well as exponential growth, through mergers and acquisitions.
Here are a few essential steps in managing growth successfully, without destroying what you’ve built so far…
✅ Cash Flow
It doesn’t get more basic than this. Even profitable companies with poor cash flow management can run into serious difficulties. Problems can escalate quickly, such as taking on too much short-term debt, yet take a long time to resolve. As a business grows and things appear more complicated, you must have clear forward visibility through effective cash flow forecasts and track the really important KPIs.
✅ Weak Strategy
A growing business will always be at serious risk, without a clear sense of where it’s going and how it will get there. Just as bad is having a clear strategy but poor execution or the inability to flex it.
✅ People
Next-level growth often means the dynamics of the business will change. The same skills in managing people that got the business to this point, will not be the same for the next stage of growth. Hiring the right people, sustaining the culture, and managing performance are critical and you need the right support in place to deliver it.
✅ Inorganic Growth
Certain types of businesses will experience rapid growth at the start – and then hit a glass ceiling after a few years. Beyond that point, significant growth in customers, revenue, and profits can be achieved through other means, namely acquiring other businesses, mergers, and even direct listings. Finding the right people to partner with, who can offer you the right mix of expertise, experience, and connections, will accelerate your growth and break the glass ceiling…