5 Tips to Help You Prepare for Growth Spurts

  1. Get Outside Help. Growth is tricky and stressful, so smart business owners rely on outside assistance—such as consultants—to get them through it.
  2. Hire Ahead of the Need. If you’re growing fast, add a chief operating officer and/or chief financial officer—even if only on a part-time or consulting basis.
  3. Change Your Own Role. Stop “doing everything yourself.”  Delegate day-to-day operations to others and become the leader, the strategic thinker, and the planner — the CEO.
  4. Weed out customers that don’t contribute sufficiently to your bottom line. Let go of those who distract you from your goal—for example, because they are outside the area in which you want to work or take too much of your time.
  5. Have reserve capital to weather growth’s inevitable bumps. Reserves don’t have to be all cash—they can be excellent receivables or something else that can be turned into cash quickly.

* * * * * * * * * * * * * * * *

Karmen A. Booker is an Attorney, Business Consultant and Chief Consultant for Compu-Perfect Professional Services, a business consulting firm specializing in business incorporation, establishing limited liability companies, contract drafting & reviewing, and more.  CALL ATTORNEY BOOKER at (301) 408-1082. View her website at www.compuperfect.net

She is also the author of “Business Tips” Report where you will discover tips that will put you on the Road to Business Success, Tips for creating and implementing a marketing plan, and more. This report and other books she has authored are available for online purchase at www.kbooker.wordpress.com by clicking on the respective report and book covers on the right sidebar of the blog site.

Advertisements

One Response to 5 Tips to Help You Prepare for Growth Spurts

  1. Ellen Thorp says:

    Excellent Post Karmen! You are so right, you must have a plan, you must lay it out and you must take steps to implement on a daily basis. Thanks for sharing.

    Ellen
    skype ellen_thorp

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: