The buttons have been pressed on the Northern Powerhouse and Midlands Engine, and now much of the talk in the business world is focussed on growth. The country, via LEP’s, Growth Hubs and Investment businesses, seems to be awash with cash to support organisations who are looking to grow. Therefor the temptation is to say “Yes, we’ll have some of that thank you very much”.
However, growth is not suitable for every business and is full of pitfalls. It's important to weigh up the pros and cons of growing or not growing. Too much growth can in fact destroy a business if not carefully planned at the beginning.
Very often growth will push into a different and possibly more competitive market with more experienced and larger competitors. You have to be ready for any changes in the game.
This Small Business 11 point Growth Assessment Tool is designed to help you focus on the challenges you could face on the road ahead. They look pretty simple questions but the answers you get may not be quite so simple.
1. Why should we grow?
2. How will we grow?
3. How much should we grow?
4. Over what period of time?
5. How much growth can we afford?
6. Do we have enough people?
7. Do we have the right people with the right skills?
8. Do we have hiring and training processes?
9. Do we have adequate financial processes?
10. Do we have the necessary supply chain?
11. Do we have adequate quality controls?
Many businesses will have processes in place but the question is whether those processes are robust enough, at present, to cope with the journey you are about to embark on.
David has worked in advertising and marketing services for 30 years both client and agency side. Having worked with local, national and muliti-national clients, he set up DLH Marketing to help small organisations, owner managed businesses and those organisations without in-house marketing.