Managing For Growth

Quick Summary
As a growing business, your company will go through extensive change. To manage this growth and these changes strategically, you’ll want to make sure that your business stays focused on its goals, and grows with a sense of purpose and cohesion. Keeping moving toward your goals will also involve maintaining adequate liquidity because a shortage of working capital can disable an otherwise well-managed company.
Also vital is having an accurate handle on where the business stands at every stage. And for that, you need reliable forecasts that are based on accuracy and realistic, well-grounded projections. Managing for growth can be rewarding, but it involves ongoing attention to detail.

Align Growth With Strategic Goals

Setting goals and aligning growth with those goals will help focus your business’s resources effectively and help the business succeed over the long term.

Maintain Capital Liquidity and Availability

Capital liquidity is essential. It’s your business’s lifeblood. Without enough, you could be unable to meet financial obligations, and that could have significant consequences.

Create Realistic, Accurate Forecasts

Creating accurate, realistic forecasts will help keep your business on track. Whenever possible, base your projections on reliable industry sources.

4 Stages of Business Growth

Every business goes through 4 stages of business growth: startup, growth, maturity and renewal/decline. Discover how to identify which stage your small business is in and how to continue to evolve.
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