Ready for Expansion? / Growth
Finally reached the stage where the business earns stable and strong profits year after year? You think it’s time to settle? You think it’s all easy money from now on? You would be wrong to think that your work is done. In order to sustain business in this era never be afraid to grow.
Laziness / Motivation
Many entrepreneurs become lazy as soon as they become established. This leads to a fall in productivity, efficiency and ideas. The businesses eventually fall into losses and cease to exist. Stay motivated and keep your focus right in order to survive in the market.
Cash flow Management
Problems with the cash flow are the second most common reason which causes small businesses to go bust, according to the research done by CB Insights. Owners have to spend money to make money during a growth period, but this concept can quickly get out of control and leave you in a precarious position.
Responding to Competition
As soon as your company becomes successful, it comes into mass recognition and others enter the industry. Many small business owners are unprepared for the realities of fierce competition, and they quickly lose their way in an attempt to respond. The key to this problem is to keep your focus on what you do best and continue to communicate your unique value proposition to prospects and customers.
Nurturing a great company culture
Your company culture is affected by everyone involved with your organization. As you grow, more people come into your company's orbit and it becomes more difficult to exert control over your culture resulting in you running the risk of having it derailed. To do this well, let your company values guide all of your decisions and hire great people who will embrace their role as champions of the organizational culture. With allies on your side at all levels of the business your culture will be allowed to grow and flourish.
Keeping up with market changes
In this era most of the companies operate in a sector that experiences frequent upheaval and change. You have to be prepared for constant change. Cultivate a positive response to dynamicity in your company and work on training your employees to be agile in the face of uncertainty.
Complacency can be a major threat to a growing business. Assuming that you will continue to be successful simply because you have been in the past is very unwise. Regularly revisiting and updating your business plan can help remind you of the changing market conditions and the need to respond to them.
The Right Systems
All businesses produce and rely on large volumes of information - financial records, interactions with customers and other business contacts, employee details, regulatory requirements and so on. It's too much to keep track of - let alone use effectively - without the right systems. Responsibilities and tasks can be delegated as your business grows, but without solid management information systems you cannot manage effectively. The larger your business grows, the harder it is to ensure that information is shared and different functions work together effectively. Putting the right infrastructure in place is an essential part of helping your business to grow.