WHAT DO I NEED TO CONSIDER IN PREPARING FOR GROWTH?
Growth is painful. The payback is big but that is the deal. It is difficult to grow without pain and without additional stresses and strains so you need to be sure why you want to grow in the first place. That said, the rewards are there.
Naturally all sorts of things need to be considered from size of premises to availability of funds to operational efficiencies. But two things stand out. Firstly customers and secondly people. It is a simple fact that growth is impossible without getting more customers or at the very least without getting more fromyour customers. If you are in it for the long haul then you need to keep your customers and minimise churn. So, stay close to your customers, communicate regularly, and create a meaningful dialogue with them. This also means paying attention to customer service and having outstanding and fully empowered Account Management to build genuine long-term relationships.
Then there are people. It was Wayne Gretzsky the Canadian Ice Hockey player who said words to the effect “I don’t skate to where the puck is, I skate to where it is going to be.” If the goal is growth you will need people who can thrive in a company 5 or 10 times the size. Hire them now so that they can help you get there and while you are at it, make sure that you have a really good recruitment system set up as you are likely to need lots more people.
Lastly, if you want to grow, it is a good idea to focus on your core business and not to dive into too many other uncharted waters. That way you will be really good at what you do and all the more likely to succeed.