Growth

The Entrepreneurial Mind wrote about small business and their growth. In this article, Dr. Cornwal maps out what he calls the 7 Challenges to Effective Growth. Here is what he says are stumbling blocks to growth if we do not watch them... 1. Beware of the Growth Myth. Focus on growing profits, not sales! 2. Vision Drift. Don't lose your way. 3. Cultural drift. Managing the culture of your business is your job! If you don't manage it, your culture will take on a life of its own. 4. Resource crises. Securing the fuel to support growth can be a constant strain...cash, staff, space, equipment, etc., etc. 5. Systems crises. The mundane and the complex all need development. From accounts payable to planning, all systems must be put in place are made ready for growth. 6. Muddled structure. Make sure your structure makes sense for your strategy and your culture. 7. Disjointed strategies. Your business and your strategy need to be consistent. All aspects of your business must be consistent and geared toward meeting customer needs and expectations. This are all things to be careful of and it is good to be able to know what is coming and be prepared for them. As I grow my business, it might not seem that I will face all of these things but every business faces them in their life cycle. It will be important to keep an eye out for each and every one of them. --be bold