Business is booming and sales are on the way up. Now what? If you want to maintain the growth that has your business on the way from startup to blue chip, here are three thoughts you should keep in mind.
- Don’t believe you can see the future.
In an article on the 7 deadly sins of business growth from Fortune Magazine, the first sin is when you believe that you know the future. They use the example of Borders Books, who failed to correct their path as they sank into bankruptcy after betting big that customers would make media downloads in-store. Don’t think your data and forecasting can predict everything. Be ready to change course if your predictions aren’t coming true.
- Focus on the processes and let your people do their jobs.
This idea comes from a combination of the tips in this article on managing business growth from The Guardian. As your business grows, you simply won’t be able to do it all yourself. That’s why it’s crucial to establish good processes, hire good people, and let them do their jobs. If you’ve put strong processes in place and hired solid employees, you can focus on working on growing your business, not working in your business.
- Don’t overcommit.
This last tip comes from John Calia of SCA Partners. It’s a combination of ensuring you have the liquid assets you need to overcome problems you didn’t plan for, and ensuring you have the funds you need to pay off your current liabilities when they come due. It’s easy to get caught up in the swirl of growth, but keep a little caution can go a long way to keep that growth going.
Let’s Get Started
IBERIABANK specializes in helping small businesses grow. IBERIABANK.com/Business/Checking