Do you realize the difference between good growth and bad growth? – People often want to grow for their own benefit. This is more about taking risks than risking growth.
Do you want to make your business grow? If so, do you know how the business will grow? Do you realize the difference between good growth and bad growth?
People often want to grow for their own benefit. This is more about taking risks than risking growth.
Strategy 1: Control your growth
You need to manage growth, not yourself. I suspect that more companies have failed due to poor planning and unplanned than any other reason. Sometimes, you’ll also want to slow down growth to allow yourself to “catch up” with yourself. Rapid and successful growth is rare. You should be able to understand the lessons you learn as you grow and integrate them into your next steps. When doing this, you should also consider some of the risks associated with poorly controlled growth, including:
- Cash flow risk: growth consumes cash and rapid growth rapidly consumes cash. If you are not careful, you may find that you do not have enough money to cover your operating costs; You also risk operating during insolvency. It only takes an unexpected cost or a late payment for a customer to push it to the limit.
- An operating crisis: producing the volume needed to support your growth can be difficult. The team and / or people have to work impractically, and things are starting to falter with increasing inefficiency and associated risks.
- Bad customer service: You have more customers to care about and not always the people or resources available to do so.
- Expense: As more requests arrive, you may be tempted to spend more on people, infrastructure, and resources. You want to invest, but not overinvest or expose yourself.
- Persons’ risks: Current people will be concerned with rapid changes, stresses arising from the ever-increasing workload, and depleted through an expanded role they may not be appropriate or experienced in, and care if they are able to withstand each month. The moment you need it most, you can find your best people, who are the most marketable, and can go.
- Decision making changes: With rapid growth, people need to move from a process approach to a leadership role. There is a risk that leaders will separate from what is happening on the front line and make decisions based on incomplete or inaccurate information.
- Driving disability: People who may have operational skills may lack leadership skills, business acumen or personal skills needed to drive effectively. This can cause problems and exacerbate existing risks.
Strategy 2: Go for good growth and avoid bad growth
Good growth is in line with your purpose and what you are trying to achieve. Weak growth is unbalanced. Often the problem with poor growth is that you are willing to make a profit in the short term but sacrifice the future in the long run. For example, dealing with a large client with a bad reputation for paying on time leads to serious cash flow problems later on and requires a disproportionate amount of your valuable time in Relationship Management and Firefighting. This can also affect your team, lower morale, and create stress and pressure.
Make sure to align what you do, who you share with, and who you sell. Good growth caters to the needs of the chosen and chosen clients, and not any customer with a check book. To achieve good growth, you must say no opportunities to stay focused and consistent.
Strategy 3: Growth means abandoning it
If you want to grow you need to prune again. As his job requirements and needs change, I remember that as a child, he was playing on the monkey bars. The only way to move forward on the monkey bars is to fall with one hand, swing forward and take the next step. Therefore, you must repeat it to reach the other end. The work is the same. Let it grow.
Strategy 4: Lead your growth
Growth is about change, change is about leadership, not management. You must lead your people and share their answers to three questions:
What do we change from and why?
What do we change and why?
- How are we going to do this?
Doing so removes any ambiguities or gaps in the information that may be causing pressure (and often inaccurate) rumors and stories to try to fill the void.
Strategy 5: Going slowly
Business like import and export business is not a fast race, it is a marathon. Ironically, by going slower, you will arrive faster, with better risk management, and you will be better prepared for it.
My name is Fredrick, I am a professional content writer in a well establish company in united states.