At the beginning of a business, it is important to focus on the growth factor. That includes growing your base of customers as well as the product lines. Once you are established, it may be hard to get out of the growth mentality. It is now time to figure out exactly how much growth is needed at that juncture.
You need to figure out, first of all, if you even want to become a bigger company. This means changes in your tasks as well as hiring management people, leaving your time spent in other ways. You may spend less time hands on. Keep in mind the larger you get, the higher the risks are.
Keep in mind you will need to be able to locate decent people that you can trust to work for you. If you know people like this, it is a great benefit, if not, you need to be able to find someone to help you do so.
You will need space to house these talented staff and work to keep them profitable, which is why increased overhead is the next concern. Office space is expensive, and your staff will also need land and cell phone lines as well as personal computers and even company vehicles. If your business depends on services, you will need the equipment to provide them as well as an increased supply of the product you sell. This requires a huge amount of money. You can get loans to cover this, but the payments will take a steep cut into your profit and viability.
Finally, you need to figure out if you will have the time to devote to growth. It is a very time consuming process and has to be top priority. It can be difficult to do that as well as have a home life. Don't expect a quick change, it can take years to achieve growth. Be sure you have a fairly stable personal life before undertaking the task. It is ideal to have everything else in order beforehand. - 15246
You need to figure out, first of all, if you even want to become a bigger company. This means changes in your tasks as well as hiring management people, leaving your time spent in other ways. You may spend less time hands on. Keep in mind the larger you get, the higher the risks are.
Keep in mind you will need to be able to locate decent people that you can trust to work for you. If you know people like this, it is a great benefit, if not, you need to be able to find someone to help you do so.
You will need space to house these talented staff and work to keep them profitable, which is why increased overhead is the next concern. Office space is expensive, and your staff will also need land and cell phone lines as well as personal computers and even company vehicles. If your business depends on services, you will need the equipment to provide them as well as an increased supply of the product you sell. This requires a huge amount of money. You can get loans to cover this, but the payments will take a steep cut into your profit and viability.
Finally, you need to figure out if you will have the time to devote to growth. It is a very time consuming process and has to be top priority. It can be difficult to do that as well as have a home life. Don't expect a quick change, it can take years to achieve growth. Be sure you have a fairly stable personal life before undertaking the task. It is ideal to have everything else in order beforehand. - 15246
