The growth stage of a business is a notoriously dangerous period in its Lifecycle.
Without a firm foundation the business is unlikely to succeed. The business must be geared up for growth, or growth will either not occur at all or will be short-lived
It is essential that the following points are considered:
- Have you implemented a business information system?
A business information system provides you with all the information necessary to make the correct business decisions.
- How do you raise additional finance?
- Are you continuing with the process of Market Research?
- Where is the growth coming from?
- Which products or services are succeeding in the marketplace and which are failing?
- There can be major cashflow problems associated with a growth business, particularly for a credit business. Do you need assistance in raising additional finance?
- Overtrading: what happens when your business grows faster than the business infrastructure can handle
- Administrative Problems: do you have the structure in place to effectively deal with bad debts, slow payers, stock control etc?
- Human resources (staffing). Suddenly your staffing requirements increase. Do you have the management skills to deal with this situation?
Many opportunities exist for Capital funding Grants and subsidised premises. Alan will be glad to show you how these opportunities can benefit your business.