Becoming Growth Ready.

After you see your business operations stabilise, you need to work towards making it growth ready. The problem with the mindset of many small businesses is that they think that growth is a choice they may or may not take. Growth is no magic mantra and the choice cannot be seen as simple “grow or die.” There also is the possibility of the business “growing and dying.” Yet your business has to keep increasing revenues to keep pace with inflation and the growing expectations of your team. Continued success would not be possible if you do not keep improving the quality of your products and services. You need to invest into operations to keep up with the competition.

You also need to reduce the business’s dependence on you as the owner. You need to develop your business as a transferable asset — which any capable manager can run after a proper briefing. Thus, after establishing your business you need to move into the phase of consolidating your operations. The process of consolidating operations can be given a keen focus if you view it in the perspective of making your business growth ready.

Therefore, it is extremely important that you build your brand, consolidate your networks that link your business to the best raw material, resources (including finance) and connect you with your customers. To reduce the dependency of your business on you there is a need to create systems and processes, investing in them. Finally, you need to build cash reserves that will help you tackle crisis situations and when ready to take the growth path. Let us deal with these in some greater detail in our subsequent posts.

Write in to us and tell us your views about it.

Team Quitters.

Tweet

Share