what amount you will get financing. This all
needs to be planned out well in advance of
when you’ll actually need the money to support your growth.” C
email@example.com, is a
freelance writer based in Atlanta.
Should you grow?
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THERE’S MORE TO planning for business
growth than just arranging financing. You
should also consider what growth will
mean to you personally and how it will
affect your management and operations.
For example, how big does your business have to be to generate enough
income to support your desired lifestyle?
Can you personally commit the time and
energy that will be required to grow
your business? And are you
ing more tasks to your
key managers to free you up to concen-
trate on growth initiatives?
Also keep in mind that you will prob-
ably need to invest in more-sophisticated
internal systems and controls to support
business growth. These systems should
be able to generate timely financial infor-
mation and track inventory, margins and
other financial and operational data.
Before thinking about how to finance
the growth of your business, you should
give some serious consideration to the
question of whether or not you should
attempt to grow your business in the first
place. Business growth, especially fast
growth, entails new challenges that not
all owners are aware of before they head
down this road.
Here are a few questions that go
beyond financing to consider before you
embark on a business growth initiative:
; Do we have the infrastructure in
place to support increased sales volume?
; Are our production capabilities
sufficient to support increased production
; Are our employees up to the task
of growing sales and revenue?
; Finally, are you personally (as the
owner) prepared to make the sacrifices
that might be necessary to take your
company to the next level of growth?—DS
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