Tips to Manage Your Small Business Growth

  • Must have a comprehensive human resources plan to handle fast growth and peaks and valleys in business activity;
  • Must have job descriptions and a structure for your company;
  • Must have developed standard operating procedures for your business;
  • Must have a strong customer service program – so that customers are not negatively impacted by your fast growth;
  • Must have a strong quality and continuous improvement program;
  • Must ensure that you have the operating structure (whether that means increased inventories, longer hours of work – moving from a one shift operation to a two shift operation; adding more productive equipment); and
  • Must have the cash flow to sustain growth (you will need to pay for more supplies and materials, for labor, for transportation, etc.) – unplanned and/or fast growth can have a big, negative impact on liquidity.