Growth is happening all around. Even as some businesses are shrinking, others are experiencing strong and continuing growth.
Growth can equal more jobs; if it does, it can also mean higher staff costs.
But sometimes well-handled growth can be about better utilising and training your staff, and implementing the right systems, procedures and lines of communication to take the business to the next level.
Size doesn’t necessarily equate to success. There are plenty of businesses where proprietors have invested heavily in making their business bigger, only to find at the end of the day the financial return doesn’t meet their expectations.
The solution is to know exactly where your growth is occurring or is likely to and invest strategically when required.
Growth can equal more revenue. But the likelihood is it will also require a financial response, whether that’s larger premises, higher staffing levels or an investment in better tracking technology.
Growth can be organic in nature but sometimes it needs a concerted effort. This is where intimate knowledge of your market, emerging trends and growing areas pays off. That way instead of just responding to growth, you make a calculated estimate of what will happen and put yourself at the forefront of the game.
Of all the things to consider – and there are many – when asking, “Will I grow the business, or will I keep it the way it is”, the most important consideration might be the advice from someone not directly involved in the business.
There are many myths around growth and seeing the business as it really is compared to the dream, can save much heartache and have you achieve where you want to be. Seeking advice from someone not directly involved can shine a light on many things that might otherwise slip by under the radar.
Therefore, planning is the key, to knowing what to expect, what will be required and to budget for the growth leap period.