5 Signs your Business is ready to take the Next Step of Growth
1. Your head and heart are in the right place. You had a good idea. You turned it into a business. You've gotten off to a great start. But, this is where the real work begins. If you feel this is what you want to do the rest of your life then you may have what it takes to jump on the road to growth.
2. The money is starting to roll in. Congratulations! You have started a business, and people are actually paying you for your products and/or services. If you are already profitable or can see a rational and clear path to scalable and sustainable profitability, you may actually be on the road to growth.
3. You have assembled a killer team that has what it takes to manage a much larger business. There are endless stories of friends, relatives, classmates, and colleagues starting a business together only to find out that old relationships aren't enough to fuel a successful and scalable business.
Look at your current team. Do you have those people? The ones who can lead and inspire and know how to manage people? Are they masters of sales, finance, marketing, communications, and logistics? If not, can they learn to be? If the answer to these questions is a resounding "yes," then you are almost certainly ready for growth.
4. You have enough cash in the bank or cash you can back on. Cash flow crises are the number one killer of small companies. If you are confident that you can cover additional outlays and can weather any number of storms (anticipated and unanticipated), then your prospects for growth look awfully good.
5. You have processes in place. When you're just starting out, you can get away with "flying by the seat of your pants." But as you grow, there must be processes and systems in place to deal with volume spikes and dips. If you do then you are already well on the road to growth, expansion, and success!
Jaluum Herberts Luwizza