Growing your business
Avoiding the Business pitfalls in growing your business
You’ve pitched and won the contract, and now you’re thinking “How are we going to deliver?” The effort involved in bidding and winning the business has paid off. Staff morale has improved, the company profile has been raised, activity has increased in all areas of operation and there is a general buzz of enthusiasm throughout the organisation.
Business Growth is a principal objective for all businesses, but fast growth can just as easily lead to business failure as lack of growth. Handled correctly, you will be able to: increase profits and revenue, create an infrastructure that is robust and scalable, and establish a reliable workforce that can grow with you.
However, statistics show that the “inability to manage growth” is one of the top 10 reasons for SME failure. This is especially true if the company experiencing sudden growth has not properly optimised their internal operations and systems to compensate for the increased demands.
To address these issues, here are some examples of how working with ibd can help:
- We provide directors with an external independent review of their current business to identify any issues and offer practical solutions to resolve them.
- Working in conjunction with the management team, we help implement the changes necessary to ensure that growth is profitable.
- We help company directors to communicate with their employees, ensuring that everyone understands what is happening, when and why.
- We assist finance departments to make sure that cash flow is not adversely affected and that management reports are delivered on time.
- Using our experience, we help to avoid any unforeseen bottlenecks and address any potential delays so they are quickly resolved and new practices are effectively introduced.
ibd understands that rapid growth can be an exciting but highly stressful time. Our advisers have been through similar experiences and so can lend their skills and knowledge to help your organisation.
At ibd we have advisers who provide sound practical assistance to organisations experiencing growth. They bring many years of experience to help guarantee that your organisation meets the targets and objectives required. They will be able to:
- Ensure the correct resources are in place.
- Work with the management team to help facilitate effective communications.
- Provide independent impartial assistance on the balance regarding increasing risk.
- Ensure that cash flow isn’t compromised.
- 6-12 month independent progress review against the target and or contractual commitment.
- Identify and resolve issues where processes and resources are stretched.
- Offer practical guidance in regards to introducing new systems such as; CRM, MRP, etc.
- Identify and resolve staff training and development issues.
- Identify and suggest development for the management team.
- Ensure supply chain parameters remain with expected limits.
- Ensure adverse trends in performance metrics are addressed.
- Engage the management team in ‘what if’ discussions to ensure potential risks are understood.
- Identify sources of potential additional funding as a contingent action.
Don’t be afraid to ask for help. The strength of ibd is the ability to be impartial and call on their experiences to provide focused and objective assistance. Business advisors are good sounding boards to test ideas and aspirations and can offer highly experienced contacts in all aspects of business operation.
We have identified the most important issues you may be facing if you are Growing Your Business in the links below – but please do explore the full Expertise menu on the left for a more comprehensive overview of the business disciplines we routinely deal with.
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