Why is Growth Important for the Longevity of Your Company?
Growth and profitability are two of the most important factors that determine the long term success of a business. Four key reasons for growth are:• Long term sustainability
• Keeping the competition at bay
• Retaining customers and building credibility
• Maintaining profitability
What is a Scalable Business?
Scalability is the foundation for enabling and managing long term growth. A scalable business has the right people, processes and infrastructure in place that can accommodate an increasing workload while consistently maintaining positive profitability. Key factors that can impact the ability of a business to scale are:• The demand for your product or service
• How well your company and finances are managed
• The ability to effectively implement change
• Your ability to hire and retain talent, especially at the management level
• Your ability to clearly communicate your mission, goals and objectives throughout the organization
How to Grow and Scale Your Business
Strategic planning provides the ground work for developing initiatives that prepare your business and your organization for growth. This type of planning often requires a commitment from the business owner and employees to embrace change. Financial planning is key during the strategy process to ensure your business has the ability to implement the changes recommended. These are four foundational steps that will help you transform your business:• Business Review & Assessment
• Strategic Planning
• Financial Planning
• Management Team Development