{"id":2248,"date":"2017-10-18T16:42:47","date_gmt":"2017-10-18T16:42:47","guid":{"rendered":"http:\/\/biozymeinc.com\/dealer-center\/?p=2248"},"modified":"2017-10-18T16:42:47","modified_gmt":"2017-10-18T16:42:47","slug":"what-do-you-need-to-grow","status":"publish","type":"post","link":"https:\/\/biozymeinc.com\/dealer-center\/2017\/10\/18\/what-do-you-need-to-grow\/","title":{"rendered":"What Do You Need to Grow?"},"content":{"rendered":"

Companies of all types and sizes typically want to grow in one way or another\u2014whether it\u2019s in terms of revenues, profits, number of employees or customers, market share or number of locations. And while not every business owner has aspirations to build the next Google, almost every business wants to see progress from one year to the next, even if it\u2019s just in the amount of money one can take home to the family. Research shows that trying to grow when the business is not ready is a leading cause of business failure. So, knowing if you and your business are ready to grow is very important to its success. The first google item that pops up for this topic makes it look so easy.\u00a0 <\/span>Just buy an \u201call-in-one platform\u201d and it will scale business growth.<\/p>\n

We all know this is not the way sustainable growth works and that we need to spend some major time setting the stage for growth for it to occur successfully. The below questions can help get the plan moving forward.<\/p>\n

What is your long-term goal and how does that impact your growth decision? <\/b>No goal, no glory. While we can\u2019t predict the future, we can certainly plan for it.<\/p>\n

Are you prepared financially? <\/b>In our personal life, they say you should have six months of expenses saved \u201cin case.\u201d Growth is an \u201cin case,\u201d so that same basic rule applies to business. On top of this amount, one needs to add the estimated additional expenses from the growth plan. Don\u2019t implement the plan without the cash.<\/p>\n

Do you have the space and capacity to grow from a facility standpoint or will you need to expand? <\/b>You must know the full capacity of your current operation before you begin this growth endeavor. You then must know what percent of that capacity you are currently operating. This is imperative to the decisions ahead.<\/p>\n

How will you fund the potential expansion?<\/b> Growth financing is every bit as hard–if not harder–to obtain than startup funding. Do regular cash-flow projections so that you know how much credit you\u2019re going to need well before you have to start writing checks. Develop and maintain strong relationships with your funding sources and be sure to have primary and backup sources available. In today\u2019s financial climate, it\u2019s harder than ever to predict credit availability, so stay on top of your cash and financial needs to give yourself plenty of room to maneuver when it\u2019s time to borrow.<\/p>\n

How much human capital will be required to meet your growth goals? Where will you find it and how will you pay for it? <\/b>The team that can successfully run a $1 million company is not the same team that can run a $50 million company. If your goal is growth, hire people who can perform in the size company you want to be–they\u2019ll help you get there.<\/p>\n

Will your existing customers remain loyal during the growth pains? <\/b>No company can do without customers, and if you don\u2019t stay close to them, you\u2019ll lose them. Know what they need, but more importantly, know what they want and do everything you can to give that to them. Most important though is to communicate. Never let your customers wonder what\u2019s going on. Tell them–whether it\u2019s good or bad.<\/p>\n

Will the work required to grow bring unavoidable stress into your life that could potentially deter your ability to successfully operate your business with your best foot forward? <\/b>Be honest here and make sure you really think it through.<\/p>\n

The better prepared you are for growth, the better your chances for success. Devise a plan that helps you get to where you want to go. Make sure you think of your plan as a GPS system. Don\u2019t think once you are on the route that you know better than the GPS. And remember, the more specific your plan, the less chance you have to get lost.<\/p>\n

Last but not least, don\u2019t forget to focus on your core business and don\u2019t get distracted. Stick to the business your company knows best. Be sure any diversification or product line expansion you do makes sense. If it has nothing to do with your core business don\u2019t get into it just because it seems like a good opportunity. Otherwise, you\u2019ll you confuse your customers and your employees–and you\u2019ll likely find that dividing your efforts reduces the quality and profitability of everything.<\/p>\n

Just as you plan for when things go wrong, also plan for when things go well. When you\u2019re prepared for growth, you can better manage the changes it brings and let it take you to the goal you set when you started.<\/p>\n","protected":false},"excerpt":{"rendered":"

Companies of all types and sizes typically want to grow in one way or another\u2014whether it\u2019s in terms of revenues, profits, number of employees or customers, market share or number of locations. 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