Is your business on the move? Is it trying to tell you something?
- Sales are growing
- Profit is increasing
- Costs are increasing
- Employee count is heading up
- Customer demand is on the increase
Your Small business might be ready to move to the next level, the Medium sized enterprise.
This shift is fraught with exciting challenges, frustrations and real concerns. What has worked in the past now needs to be reviewed, what was standard procedure now seems inadequate.
Moreover, where you felt in control now you’re not so sure. You now begin to know what you don’t know.
In the past your policies and procedures were implemented as your business grew, now you need standard business processes that align and will flex to your growing business.
Decisions could be made as you were challenged, whereas now your people need direction, focus, goals and clearly identified duties.
Strategy was something you adopted as your business grew and opportunities presented themselves, cash flow financed capital purchases and your employees could all step into each other’s role.
Now a business plan including financials are in order, you need to identify growth, maximise the new and exciting ideas while consolidating proven business practises.
Below are just some of the considerations you may want to consider as you approach this time in your business.
- Have I got the right people in the right role?
- Where is my investment in time best returned?
- Do my cash flows support the next steps?
- Have I set clear direction and communicated the expectations?
- Have I applied a time frame?
- Can I do this on my own?
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