I just received a call from Gail who owns a very nice upscale clothing boutique.Â Gail would like to experience what I call The GSA Factorâ˘ which is Growth * Success * Accelerationâ˘ within her boutique.Â Her plan is to open a second location within the next twenty-four months.
I remembered an article that I read some time ago that is very relevant to Growth * Success * Accelerationâ˘.Â The article was written by JK Harris, the founder of Flashpoints Consulting, LLC and of JK Harris & Company, the nation’s largest tax resolution firm. In that article he outlined the 9 Ways to Prepare for Growth and Acceleration which are.
- Know what growth means for you and your company.
To prepare for something, you have to know what it is and how you’ll recognize it. Growth is more than just hitting a set of numbers–it’s a package that includes changes to your company in terms of operations, production, systems and staffing (team). In addition, think about what growth means to you personally. What will your life be like when your company grows and the profits increase? How hard are you going to have to work? Are you ready and willing to do what it takes?
- Maintain relationships with your funding sources.
The faster you grow the more cash you’re likely to need. 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’re 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’s financial climate, it’s harder than ever to predict credit availability, so stay on top of your cash and financial needs to give yourselfÂ plenty of room to maneuver when it’s time to borrow.
- Get comfortable being in the spotlight.
Successful owners of growing companies are almost always in the spotlight to some degree — maybe not always to the general public but certainly within their industry and with their employees. Be prepared for a level of attention that you probably haven’t received before.
- Hire people based on where you want to be, not where you are.
The team that can successfully run a $1 million company is not the same team that can run a $100 million company. If your goal is Growth * Success * Accelerationâ˘, hire people who can perform in the size company you want to be–they’ll help you get there.
- Put the right people in the right places.
The right people doing the right jobs are absolutely critical to sustain growth. Conduct whole person assessments and job benchmarking.Â This will allow you to take a systematic approach to hiring and career development, which will reduce mis-hires and constant employee turnover.
Be sure to check back on tomorrow for Part 2 of 9 Ways to Prepare for Growth, Success and Acceleration where I will give you the last 4 ways to prepare for to prepare for Growth * Success * Acceleration.
ÂŠ 2012 Dr. Laureen Wishom
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