Home Create my own Portal Premium function, contact us! Premium function, contact us! Premium function, contact us! Premium function, contact us! 
Username:
Password:
Create a account
Making stock and economic news easier to read, bookmark and use!
 
  Submit Article Add a Feed Watchlist
10 Ways to Prepare for Growth and Success

10 Ways to Prepare for Growth and Success!


The economy taught you to expect the worst, but have you ever prepared for the best?



It's up to you to have contingency plans in place for when things go wrong. But, conversely, are you prepared for growth and success? What if it turns out your positive expectations were too conservative? What if an unexpected celebrity endorsement sends demand for your product soaring? On a more practical--and likely--note, as the economy shows signs of turning around, are you ready for what that will mean for your operation?

Here's what you need to do to be prepared for growth:

10 Ways to Prepare for Growth and Success!


1. Know what growth means for you and your company.
To prepare for something, you have to know what it is and how you'll recognize it. Growth is more than just hitting a set of numbers--it's a package that includes changes to your company in terms of operations, production, staffing and facilities. In addition, think about what growth means to you personally. What will your life be like when your company grows and profits increase? How hard are you going to have to work? Are you ready and willing to do what it takes?

2. Maintain relationships with your funding sources.
The faster you grow, the more cash you're likely to need. Growth financing is every bit as hard--if not harder--to obtain than startup funding. Do regular cash-flow projections so that you know how much credit you're going to need well before you have to start writing checks. Develop and maintain strong relationships with your funding sources and be sure to have primary and backup sources available. In today's financial climate, it's harder than ever to predict credit availability, so stay on top of your cash and financial needs to give yourself have plenty of room to maneuver when it's time to borrow.

3. Get comfortable being in the spotlight.
Successful owners of growing companies are almost always in the spotlight to some degree--maybe not always to the general public but certainly within your industry and with your employees. Be prepared for a level of attention that you probably haven't received before.

4. Hire people based on where you want to be, not where you are.
The team that can successfully run a £1 million company is not the same team that can run a £100 million company. If your goal is growth, hire people who can perform in the size company you want to be--they'll help you get there.

5. Put the `right` people in the right places.
The `right` people doing the right jobs is absolutely critical to sustain growth. Whole person assessments and job benchmarking will allow you to take a systematic approach to hiring and career development, which will reduce your mis-hires and employee turnover.

6. Take care of your people.
Your employees are what keep you successful. Recognize and reward that. Working in a high-growth organization is stressful and challenging. Take note of your employees’ work and respond appropriately, or risk losing top talent. Create an environment where people are willing to work through the growing pains. In addition, take care of your suppliers, professional advisors and anyone else who can have an effect on your operation.

7. Listen to the experts.
You may be an expert in your business, but you don't know it all. What's more, there often will be experts who know more about particular parts of an industry than the insiders. Identify the experts, listen to them and learn from them. Let them help smooth out your learning curves and keep you on your growth track.

8. Stay close to your customers.
No company can do without customers, and if you do not stay close to them, you'll lose them. Know what they need, but more important, know what they want and do everything you can to give that to them. Most important, communicate. Never let your customers wonder what's going on. Tell them--whether it's good or bad.

9. Focus on your core business and do not get distracted.
Stick to the business your company knows best. Be sure any diversification or product line expansion you do makes sense. If it has nothing to do with your core business don't get into it just because it seems like a good opportunity. Otherwise, you'll you confuse your customers and your employees--and you'll likely find that dividing your efforts reduces the quality and profitability of everything.

10. Invest in the book `Accelerate with Impact` from Amazon. Improving the quality of people and your business model is necessary to take companies through the 21st century. The competition for customers is fierce. Customers want and expect much more from company employees. I believe that the contents of this book will help you to improve your skills in empowering your people to deliver quality and service excellence that will impact with an increase in the ‘bottom-line’.

Just as you plan for when things go wrong, also plan for when things go well. When you're prepared for growth, you better can manage the changes it brings and let it take you to the goal you set when you started.

--- --- ---


`Building An Excellent Business!` is available for immediate purchase by visiting the secure Cavendish eStore online at: http://www.cavendish-mr.org.uk - customers can download this e-book in PDF Acrobat format immediately after purchase.

More Economics and Business Inspiration:
`Accelerate with Impact` -
by Colin Thompson ISBN: 978-1-84549-289-2

Accreditation: UK Registered Learning Provider:10025755

ENDS
Note: About the Author Colin Thompson

Colin is a former successful Managing Director of Transactional/Print Manufacturing Plants, Print Management/Workflow Solutions companies and other organisations, former Group Chairman of the Academy for Chief Executives and Non-Executive Director, helping companies raise their `bottom-line` and `increase cash flow`. Plus, helping individuals to be successful in business and life in general. Author of several publications, research reports, guides, business and educational models on CD-ROM's/Software and over 400 articles published on business and educational subjects worldwide. International Speaker and Visiting University Professor.

Rating: 3 (0 today) - Visits: 1099 (71 today)
Read the full article | Bookmark this article(to my MFP account)

Comments on this item:

Best Laptops
26-04-2017 12:51:09
Choosing the Best Laptops 2017 Under 500 is not that easy especially if you are looking for high end features or want to use the laptop for gaming.
 


Post your comment
Your name:
 
E-mail Address(Not visible in comment):
 
 
Retype the number:
   
Your comment:
 




:8 :o? :) :P :/ :D :o :% :0/ :o| :? :o-
:DD :(( 8o :( 8D :N :Y :DDD 7| :luv: :\'( :(((

 
Feed of the Month
Wall Street Pit


Submit your own economic or stock news today!



Open Quark in InDesign








Site Owner: David
Location: Los Angeles
© 2006 - 2013 Help/FAQ | Privacy Policy | Terms & Conditions | About us | Contact | Your feed on this site?