My Business is Growing

You are in business and you are making a profit. Orders are coming in, profits are up and you are considering expanding your product line or adding an additional location. Keeping an eye on the fundamentals - cash management, your competition and managing staff and expectations - can help sustain your expansion for the long run.

Questions to Ask Yourself

• Do I have the necessary capital to finance my growth?
• Am I doing everything I can to keep a healthy balance of work and personal life?
• Do I know what the competition is doing?
• How will the competition react?
• Am I expanding too quickly?
• Can I handle the stress of managing a much larger business?
• Do I want to grow for growth's sake or because it will be more profitable?

Things to Watch For

• Staffing up too quickly
• Accounts receivable that are not being collected
• Increased inventory costs
• Expansion without a solid capital base
• Overworked staff
• Organization growing out of control
• Inefficient Cash flow management

Keys to Survival

• Follow your Business Plan
• Keep your financial partners informed of any major expansion or change
• Expand in areas where you have experience and can make a profit
• Listen to your customers and adjust your approach
• Delegate more
• Have proper control systems in place to manage growth