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Business Growth in 2020’s Posted on February 21, 2023
Like many businesses, the last 3 years have been a steep learning curve to navigate. The disruptions from COVID lockdowns, staff shortages and interest rate hikes, it’s been almost too much to keep a business going let alone grow a business.
Whilst growth is desirable in every business and if not handled and managed correctly, growth can be a painful exercise. To ensure rapid growth is a positive thing and it doesn’t consume your business, there are basis steps to get it right.
- Good systems are first and foremost in planning and having the right platform in place; one that grows with you will ensure a smoother transaction. You should examine each critical system and ask “how will this help us grow?”
- Auditing the IT side of your business will prevent pain in the long run and help you manage effectively when the growth does happen.
- Staff are extremely important in your growth. Without good staff who are willing to grow and expand their skill set and their knowledge, they are not going to assist growing your business. It’s important to invest in your staff, with training, support and development to ensure they are ready for the challenge.
- Lastly, accounting is often the hardest thing to manage in a growth phase. This can make or break a business. The basics of good accounting are paramount to maintaining the growth of your business. Analysing your contracts to ensure they are compatible with your growth ambitions, maintaining an accurate invoicing system and managing your cash collection to make sure you maintain a good cash flow.
Ensuring that these individual elements can scale with you during growth is important.
To find out more about the steps to success, consider registering for AdviceCo’s U-Factor Workshop which is coming up on Wednesday, February 22 to discuss one-on-one coaching with Troy Marchant.