On a scale of 1 to 10, how ready is your business for growth?
If your goal is growth, recruit individuals who can perform in the size of the company you want to be
Could your business manage an influx of demand for your product or service the next day? If not, then your business is not as ready as it should be for growth. What if an unexpected endorsement sends your product soaring or the economy shows signs of turning around; are you ready to ensure a successful outcome for your business? Here’s what you need to prepare for growth:
Keep an eye on your funding sources
The faster your business grows, the more capital you’re likely to require. Do regular cash flow projections and make use of a business loan calculator to estimate how much credit you’re going to need well before you require it. This means that you will have to maintain strong relationships with your funding sources and be on the lookout for viable credit options to give yourself plenty of room to manoeuvre when it’s time to borrow.
Recruit based on where you want to be, not where you are
If you hire a team to successfully run an R2-million company, don’t expect the same team to be able to manage an R100-million company. If your goal is growth, recruit individuals who can perform in the size of the company you want to be – they will surely get you there. 
A Jack of all trades, but master of none
Put the right people in the right places. Cindy is great at accounting and writes poetry in her spare time. This doesn’t mean Cindy should write marketing material as well as manage the books. The right person doing the right job is critical to sustaining growth and will reduce miss-hires and employee turnover.
Avoid distractions, focus on your core business
When venturing into the diversification of new products, be sure that it makes business sense. Stick to the business your company knows best. Otherwise, you may end up confusing your customers and find that dividing your efforts reduces the quality and profitability of your business. Expanding your business means you are likely to need fast access to working capital. Review several capital borrowing estimations and the repayment terms with a business loan calculator. This will help you prepare for the investment required on any new product lines or services that you’ll establish.
