Managing Long Term Growth February 1st, 2008
Careful consideration, planning and research are as essential to long-term business growth, as it was to the development of the business, according to AllBusiness.com.
AllBusiness.com has developed the “60-Second Guide to Managing Growth Over the Long Haul,” which it advises will maintain an investment in research and analysis.
0:60 Revisit the Business Plan Refer to the business plan often to review where the business has grown in relation to intended growth and consider whether alterations are needed to the plan.
0:44 Watch the Numbers Financial statements provide insights into the health of a business. “Project cash flow ahead several months based on reasonable expectations for sales and income, demand for your product and services, regular payments (e.g. loan payments and rent) and other factors,” recommends AllBusiness.com. This will help you to identify areas for growth or change.
0:34 Develop Relationships Build partnerships with other business in the industry and with specialty consultants, rather than brining on additional resources and possibly stretching your resources too thing.
0:25 Delegate Time-consuming Tasks Identify responsible employees with the capability to handle routine tasks, and even some managerial responsibility. This will free executives up, allowing them to focus on growth and sales.
0:13 Watch the Big Picture Stay current with the community, study sales records and communicate with customers, suppliers and colleagues. This awareness will make you less susceptible to surprises and better prepared to capitalize on and even anticipate changes.
0:03 Keep Learning Benefit from the experience and talents of others. A good executive never stops looking for people from which to gain more knowledge, and thus increase their own business’ productivity and profits.
Blue Hat: The Blue Hat stands for process control. This is the hat worn by people chairing meetings. When running into difficulties because ideas are running dry, they may direct activity into Green Hat thinking. When contingency plans are needed, they will ask for Black Hat thinking, and so on.
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