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Business Resources - Growing Your Business

Planning For Growth

 

Surprise Growth

What to do when growth takes you by surprise

While growth is something that many business owners plan for, it can also occur unexpectedly. You might acquire a major client, be called on to support the needs of a customerís sudden growth or find that unplanned exposure has suddenly increased demand for your product or service.

This situation can be a blessing, if you can capitalize on the opportunity, or it can be a real challenge, if you are unable to keep up with demand. Here are some steps to help manage unplanned growth.

1. Fast track a growth plan
If you expect the increase to be permanent, you need a long-term plan. Youíll need to move quickly on all fronts to develop a strategy so that your processes and resources can meet higher demands.
2. Make use of temporary resources
If growth is only a temporary spike, you may be able to meet it with temporary resources (human resources, outside services or facilities). These are also a valuable stopgap to meet demand while you look for permanent solutions for longer-term growth needs.
3. Slow it down where possible
There may be opportunities to stretch timelines or temporarily slow other areas of your business to give yourself more time to gather the permanent resources youíll need going forward.
4. Stay profitable
The one thing you donít want to do is let growth overwhelm your business to such an extent that you are overextended. You may need to investigate alternative sources of cash (such as borrowing), tapping into emergency funds, injecting personal capital or speeding up your billing processes.

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08/10/2011 15:34:13