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WHAT TO EXPECT DURING PHASES OF ACCELERATED BUSINESS GROWTH

October 17, 2018

 
REVENUE AND EXPENSES CAN HAPPEN AT THE SAME TIME
While in growth mode, profits and free cashflow take time to catch up. You won’t necessarily have excess capital, though your free cashflow may incrementally improve making managing that cashflow all the more important.

Now is the time to be as proactive as possible! Take a look at your balance sheet and ask yourself what investments are worth making with the most immediate impact. For some industries this could be equipment, for others it can mean making an investment in your people.

INVEST IN PEOPLE TO HELP YOUR BUSINESS GROW
Propelling your business to the next level often requires an “all hands on deck” position. As the business owner, you have to prepare for the inevitable investment that comes with growing your business; this investments tends to be highly reliant on your people and in turn, dedicating time and dollars to hiring, training, salaries, benefits; the whole nine-yards.

The reality is, you have to grow your team to grow your business. You cannot take on more work without people to delegate to. Sounds like a no-brainer, yet preparation for this step commonly gets ignored during high-growth phases of business because of the sticker shock of a new team member.

TEMPORARY STRAIN CAN LEAD TO POTENTIAL GAIN
Naturally, onboarding additional team members requires time, money, and energy, which will temporarily strain your capital. This is where your strategy really comes into play.

The tricky part is preparing for time and expenses associated with the people component. Whether this be through financing, line of credit, reducing expenses, or pulling money out of savings, you must have a plan in place to offset the temporary strain in capital.

Be strategic in the investment to grow so you can continue to play offense rather than having to default to defense. Though there may be some natural bumps and hurdles along the way, having the ball in your court with proactive planning will lead to a more strategic path to success.

What has been an investment or strategy you have implemented to reach your growth goals? Share with us on social!


INDEX
  • WHAT TO EXPECT DURING PHASES OF ACCELERATED BUSINESS GROWTH
  • THREE THINGS NO ONE TELLS YOU ABOUT BEING THE BOSS
  • MUST-HAVE APPS FOR BUSINESS OWNERS
  • THE UNIQUE CHALLENGES OF GROWING YOUR BUSINESS AS AN INTROVERT
  • MITIGATING RISK: IT'S ALL IN THE GAME OF ENTREPRENEURISM
  • What is organic funding & why do I want to build my business with it?
  • PRESS RELEASE: THE EMERGING ENTREPRENEUR EXPERIENCE ANNOUNCES FIRST VIRTUAL OFFERING
  • PRESS RELEASE: THE EMERGING ENTREPRENEUR EXPERIENCE LAUNCHING SEPTEMBER FORUM
  • HOW TO: NETWORKING TO GROW YOUR SMALL BIZ
  • BUSINESS ADVISORS + HOW THEY WORK TOGETHER
  • BALANCE IS OUT. INTEGRATION IS IN.
  • TWO EASY STEPS FOR FINDING ''ME TIME'' AS AN ENTREPRENEUR
  • PREPARING LOVED ONES FOR AN ENTREPRENEURIAL LIFESTYLE
  • DO THIS, NOT THAT | KEEPING YOUR EMPLOYEES ENGAGED AND EFFECTIVE
  • SO YOU WANT TO START A BUSINESS... FOUR THINGS TO KNOW BEFORE YOU DIVE IN
  • IT'S TIME TO START THINKING ABOUT MARKETING FOR YOUR SMALL BUSINESS.
  • WHO CAN I TALK TO ABOUT MY PROBLEMS AS A BUSINESS OWNER?
  • WHEN DO I NEED TO HIRE AN ADMINISTRATIVE ASSISTANT?
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  • INTERNAL CONTROLS- PROCESS AND REPORTING
  • IT'S NEVER TOO EARLY TO DEVELOP A PLAN. WHAT DO YOU WANT/NEED IN SUCCESSION?
  • WHAT'S A KPI AND WHY DOES IT MAKE SUCH A DIFFERENCE IN YOUR BUSINESS?
  • DEVELOPING A SOUND & SCALABLE FINANCIAL REPORTING SYSTEM//FINANCIAL REPORTING, 12 MONTH BUDGET, 12 MONTH CASH FLOW, 12 MONTH FORECAST
  • WHY YOU SHOULD ''DATE'' YOUR PROFESSIONAL ADVISORS (LAWYER, ACCOUNTANT, ETC.) BEFORE COMMITTING
  • ORGANIZATIONAL CHART: WHY STARTING EARLY CAN MAKE OR BREAK YOUR BUSINESS GROWTH PLANS
  • WHAT THE HELL IS A BHAG?
  • NON-TRADITIONAL BENEFITS = HAPPY EMPLOYEES
  • MISSION, VISION, VALUES: WHAT'S THE POINT?
  • REWARDING YOUR EMPLOYEES CAN BE LESS EXPENSIVE THAN YOU THINK...
  • THE THREE BOOKS EVERY EMERGING ENTREPRENEUR SHOULD READ
  • FOUR REASONS YOU NEED A WORKING STRATEGIC BUSINESS PLAN
  • TOP 3 TIPS TO WELCOME 2018 WITH CONFIDENCE
  • When is it time to retire a pot of coffee? UNCOVERING YOUR EMPLOYEE'S POTENTIAL; RIGHT PEOPLE, RIGHT SEAT.
  • Business Growth: Sprinting vs. Pacing
  • Gerber, LLC Featured on Local Podcast | Conquering Columbus
  • THE MYTH OF COROPORATE CULTURE DEBUNKED
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