Go Legal Yourself!, 2nd Edition

CHAPTER 5How Do I Manage My Growing Business?

Experiencing a period of rapid business growth can be an exhilarating time for your company. Revenue is increasing, profits are high, and you're making a name for yourself among your competitors. However, properly managing business growth and realizing the full benefits in a growth environment are not simple tasks. If you start a Growth phase in your business it is usually because you have done something right. A new product or service has been launched, marketing has been effective, sales are coming in, and you're delivering efficiently. This cycle will continue for a while, but as you take on more customers to feed the growth, you will at some point reach the limit of your business capacity. Being able to ride the successes in a business Growth phase is crucial. If you start to show signs that you can't cope with the new demand, then your business can recede as quickly as it grew. It is important to manage your growing company effectively.

The second most frequently asked question in the Growth phase is how to manage a growing business.

How Do I Manage My Growing Business?

No business can afford to leave its growth to chance. Businesses need a consistent plan that incorporates their vision for growth. Fast growth is not always easy to handle, but a proactive step-by-step approach can help make it more manageable. Here are some steps you can take to manage your business:

• Define your Growth Objectives: Be strategic about your ...