Businesses in growth mode have identified a stable customer base, and have been getting paid for what they do. Growth is likely to involve investment in extra staff, extra resources such as premises or assets to use (vans, trucks, lathes, computers etc.).
Changes to the management structure of the business to include people with sales and marketing skills as well as finance biased staff become the norm.
Growth requires project management and is likely to need extra finance. Finance can take the form of extra funds from the owners. Cash injected by a new partner or shareholder or can be raised from banks and other more traditional lenders.
A key component of growing business is a sound business plan and an ability to deliver the plan. Management information becomes critical to managing the business as your role as owner is likely to become less hands-on and more managerial. Sales and Marketing take on an ever increasing role in the success of the business.
Ward Goodman can help you through this growth period by providing relevant management information, assisting with business plans and ensuring your business gets all the help it needs to grow, always keeping in mind the owners goals. We work with a number of businesses in growth mode as their trusted advisor so if this sounds like your business and you feel that you would benefit from an impartial review please give us a call and one of our experts will be please to help you.