Key Questions to Consider When Developing a Growth Plan for Your Business
But wait, the house is on fire!
We have growth plans. On current form we expect revenue to triple over a 5 year period with profit doubling.
How will you fund growth?
In a few ways. Extra sales, including broadening the customer base and holding additional functions.
Sounds good. How are you placed currently?
It’s tight. We have arrangements with suppliers and owe the tax office some money, we’re on a payment plan with them. And then there is….
There is nothing unusual about this scenario.
Growth can take its toll on a business and its owners.
Do you get ahead of the curve and employ people to boost the sales?
Do you invest now to reap benefits later?
If you, do where is the money coming from?
How much funding will you need?
What impact will it have on your current working capital?
Each new growth opportunity should be treated as if you are starting out in business again.
To do otherwise is mowing your lawn while your house is on fire!