If you’re trying to expand your business, missing critical elements can derail your efforts to grow. Entrepreneurs need to consider several important things before deciding to grow their small business. Listen to find out if your company is ready and fit to grow.
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In this episode we look at important things entrepreneurs need to consider as they decide to grow their small business to make sure that their company is ready and fit to grow. Lisa uses her concepts of the 5 P’s, Planning, Practices, Process, People and Profit to explain how missing some of these pieces can derail a company during its growth phase.
*Many companies find that what worked when they were smaller are no longer as effective in a larger growing company.
*Many of the growing pains companies face can often derail growth for a business that is not ready and fit to grow.
*Entrepreneurs often underestimate the impact growth can have on their people, operations and even their bank account.
*Having an overly optimistic mindset while valuable in start-up, often mask or downplay problems associated with the growth phase.
*One of the growing pains companies can face is allowing sales growth to destroy their brand and Lisa explains that in the episode.
*No one can be certain that they are ready to grow however entrepreneurs need to recognize that growth will change how they do business in many ways.
*Many entrepreneurs notice a change when their company reaches over 50 employees. These changes are especially noticeable in their operations, communication and need for specialization.
*Lisa uses an example of her experience in a technology company to explain the idea of specialization and more focused roles during growth periods.
*A way business owners can determine areas that need to be in place or improved in their business is to examine their company with a critical eye. This enable them to see the growing pains and work to correct problems as they arise.
*Lisa explains what she looks for in her work with clients to determine where they are falling short and the things that are holding them back from being ready and fit to grow.
Resources and Links
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Lisa Roberts is a business operations consultant who advises growth company entrepreneurs in successfully managing growth and the challenges they face along the way. She has over 25 years of experience in operations, finance and administration and spent several years in executive roles at a high growth company. She recognizes that there is a fine line between success and failure in a growing business and that entrepreneurs need to focus on managing finances, creating a sound operation and employ good business practices to stay on track. You can find out more about her here