So, your sales are growing and you are wondering will your company be able to sustain the growth? This question is very natural and occurs at least once in every entrepreneur’s lifetime. What next? Can be a daunting question. In this article we tried to share some wisdom and throw some light to bring clarity for your growth plans.

When a business is growing fast, it can be an exciting and challenging time. As the business expands, it is important to be proactive and take the right steps to ensure that the growth is sustainable and that the business is well positioned for success. Here are a few key steps to take when your business is growing fast:

  1. Review and update your business plan: As your business grows, it is important to review and update your business plan to ensure that it is still relevant and aligned with your goals. This includes revisiting your target market, your marketing and sales strategies, and your financial projections.
  2. Get organized: As your business grows, you may need to re-define your business processes, de-bottleneck critical steps, get rid of redundant steps that do not add value to your customers and automate repetitive steps in your processes. Consider implementing and integrated ERP System.
  3. Upgrade the team: Map competencies required for the roles with the competencies of your team. Bring on additional employees or contractors to help support the expansion. Find people who are skilled and experienced in their field, and who are a good fit with your company culture.
  4. Invest in technology: As your business grows, you may need to invest in additional infrastructure to support the expansion. This could include upgrading your technology, purchasing new equipment, or expanding your physical space. It is important to carefully consider your needs and to make investments that will support your long-term growth.
  5. Manage cash flow: As your business grows, it is important to carefully manage your cash flow to ensure that you have sufficient funds to support the expansion. This includes monitoring your expenses, forecasting your revenue, and seeking additional sources of financing if needed.
  6. Focus on customer satisfaction: As your business grows, it is important to continue to focus on customer satisfaction. This includes providing high-quality products or services, responding to customer inquiries and complaints in a timely manner, and seeking feedback to identify areas for improvement.
  7. Build strategic partnerships: As your business grows, it may be beneficial to build strategic partnerships with other businesses or organizations. These partnerships can provide access to new markets, new technologies, and other resources that can support your growth.

In conclusion, when your business is growing fast, it is important to realign your focus and sharpen the saw to sustain the growth.

Tienmo Consulting LLP

Author Tienmo Consulting LLP

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