174384 Resource 149173 155860 149257 1183943526526 1184089819797 Controlled Small Business Tips for Handling Growth Spurts

Make sure your small business is ready for increased growth with these business management tips

Many small business owners become faced with a very good problem to have: a business growth spurt. While it sounds like a desirable position to be in, a growth spurt can also cause panic for business owners who weren’t planning on such an increase in activity. If you find yourself in such a situation, take comfort in knowing that you’re not alone. There are plenty of other business owners who have gone through growth spurts and lived to tell about it. The key is to know what to do when you have one.There are lots of resources for you, and according to SCORE Counselors to America’s Small Business, when you find yourself in such a dilemma, there are specific things you can do to help you deal with it successfully. Here are some suggestions to maneuver your business through growth and rapid change:<ol><li>Seek outside help. Growth can cause many sleepless nights and worrisome days, but as you probably already know, you can always reach out for assistance. Colleagues, business owners in the same field, or mentors can provide valuable advice when times get crazy.</li><li>Hire ahead of the need. If you’re growing rapidly, consider the addition of a chief operating officer and/or chief financial officer, even if it’s on a part-time basis or in the form of a consultant.</li><li>Change how you’re doing things. Literally, change your strategy from “doing everything yourself,” to delegating and spreading out the responsibility. Don’t be afraid to rely on the smart people you hired to handle day-to-day operations. Shift your role to one of leadership, acting as your company's strategic thinker and planner.</li><li>Weed out your customer base. Consider the customers you have that do not contribute sufficiently to your bottom line. It seems like every company has customers who demand more than is reasonable or cost-effective, or they simply cause too much trouble for what they add to your bottom line. Or perhaps geographically it isn’t as sensible to keep them on. Identify such customers and make adjustments accordingly.</li><li>Have reserve capital to weather growth’s inevitable bumps. Reserves don’t have to be all cash—they can be excellent receivables or something else that can be turned into cash quickly.</li></ol>Experiencing and getting through a growth spurt is vital for a successful business. Negotiating your way through it doesn’t have to be painful; it just takes a little thought and patience. By being prepared for such growth, you can ride the wave and end up on top.Source:  SCORE "Counselors to America's Small Business." 10 application/xml business management business management tips growth spurts handling growth spurts increased growth management tips small business small business tips false Mozilla/4.0 (compatible; MSIE 7.0; Windows NT 5.1; .NET CLR 1.0.3705; .NET CLR 1.1.4322; Media Center PC 4.0) 127.0.0.1 127.0.0.1 Rodney_Rumford false true false false true 189572 false false true false false false true 149173 blog blogsite/FreedomVoice/web