I had promised a post on growth in the First Inteco Employee post and here it is!!! We all want to grow in our personal, academic and professional lives. Business is no different. We have established that growth is essential, if you do not grow you are dying. As a result business owners push to expand by all means for the alternative is not acceptable. I was about to fall for this mistake. Growth is beautiful and can be a really big strong point for your business. However, growth in business cannot be organic. Organic growth can overwhelm, your resources, people, processes and controls.
To successfully grow your business it must be a calculated strategic move. I wanted to know at what stage does Inteco grow? When can I comfortably state that I am ready to grow? If you are a bit confused like us here are a few simple steps to consider before opting to grow. Be warned they are very difficult to answer. Also avoid superficial answers like “to make more money” delve deeper into the why. This will be your growth strategy foundation.
- What is growth to your business?
- Why should you grow?
- How will you grow?
- What resources do you need to grow?
- Do we have the systems and processes to grow successfully?
- How will growth create risk? Will your competition spectrum move? For example if you were a kiosk you were competing with other kiosks. If you grow and become a mini market then your direct competition is now similar mini markets.
- How will you be able to mitigate these risks?
- How will your business culture be affected by the growth?
- What is the time frame between your growth (expenses thus cash going out) and when you start generating money?
- How will growing affect your customer experience? will it dilute or enhance it?
That marks the end of the series. I hope it was fruitful and beneficial to you.
Until Next time