6.4 | Reality check: are you raring to grow?
So you have successfully launched a business - but can you take it to the next level?
- Have you got solid financial reporting processes in place? It is vital to keep cash under control. Cash is king and making your money work for you is fundamental if you want to survive and grow quickly.
- Have you arranged proper financial support for your cash flow forecasts?
- Have you pinpointed how to scale growth effectively? Is growth in profits contractual, long-term and guaranteed or seasonal and subject to dips? This will determine whether you seek to minimize costs and absorb profit or reinvest profit (and incur additional staff or premises costs).
- Are you reviewing company performance systematically and consistently on a day-by-day basis? If you read your figures properly you really can see into the future of your company.
- Are you maintaining momentum? Focus on areas that are working, invest in outstanding areas and accelerate growth.
- Are you building and maintaining relationships? Nurture win-win relationships and think outside of the box to add value for your customers. How can you help them better serve their customers? Are you investing time in relationships with bankers, partners, suppliers, customers and staff to create confidence and loyalty?