All companies like growth. All companies want growth. All companies need growth. Without growth companies will struggle to survive. So, it is not surprising when companies experiencing growth are jumping with joy.
However, besides the tricky bit of actually achieving growth, there are also other factors which businesses often forget about. These include:
1. Growth does mean change
With growth comes change and with change comes complications. Nobody likes change. It needs careful planning, monitoring and the right type of leadership and staff. None of these are easy and none can happen overnight. Companies must be prepared for when growth does happen.
2. Growth is evolutionary
Growth causes evolution. Business models must be able to adapt to the changes within the business. Managers and employees who are following these plans must also evolve to ensure business growth remains a positive thing.
3. Growth requires continuous learning and improvement
All employees within the business must be open to ongoing learning, adapting, experimenting and improvement. Combining all of these with the increased workloads that growth brings can be difficult.
4. Growth requires focus and setting priorities
When a company achieves growth it is important that the cause of the growth is recognised and that this selling point takes the main stage and focus of a business?s selling points.
5. Growth may need new processes
Usually with growth, companies need to expand. To ensure the company maintains the right standards, step by step instructions on how to do things are important. This will help to minimise mistakes being made while keeping customers happy by providing a consistent service.
6. Growth creates risks
Like everything in business, there are risks. All businesses are faced with risk, whether they are experiencing growth or not. However, with growth come stressed and often overworked employees, strained processes and finances and undervalued clients. Identifying and understanding these clicks is critical to ensure growth success.
In spite of all of the above factors, growth is a good thing, a great thing for businesses. By simply thinking about what might go wrong, you?ll be ahead of the growth game!
Read more:
Azcentral.com, 6 surprising truths about business growth, May 2012
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