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Businesses in growth mode are experiencing a growing success and rapid expansion. In this mode, there is a natural tendency for owners to focus their efforts on developing new business and increasing acquisition, which in turn can affect their ability to strategically manage their finances during a time of significant growth.
BIAS has identified the third business phase as growth mode. A small to medium sized business in growth mode is successfully producing high sales figures and demonstrating significant progression throughout all areas of the business. In this pivotal business phase, BIAS provides effective advisory services to help operate your business in the most strategic and effective way possible in order to maintain your high levels of growth and success.
Whilst the growing success of a business is exciting and highly rewarding both financially and personally, business owners in growth mode can face numerous challenges. As a business in growth mode expands rapidly, the risks and challenges naturally follow at a similar rate. If ignored, these challenges have the potential to eventually become major problems which can negatively affect the success of a business.
It is common to see business owners in growth mode putting in countless hours and working extremely hard to ensure their business is hitting its targets and maintaining its success, often resulting in a lack of work life balance. In most cases, these business owners are tirelessly trying to manage multiple responsibilities at once, significantly increasing their likelihood of burning out and reaching a point of plateau.
With a predominant focus on creating new business and acquisition, there is a tendency for business owners in growth mode to fail to consider the importance of strategically planning for their business’ future. As high achievers, they become experts in their industry and continuously strive to deliver an exceptional service to maximise revenue and cash flow. However, this means that the importance of investing time and money in resources and support systems to manage their huge growth can often be overlooked.
Our experience working with businesses in growth mode, means that the team at BIAS are equipped with the expertise, knowledge and the necessary skills to effectively service the needs of our clients in this critical business phase. At BIAS, we understand the difficulty of achieving the desired growth of the business by maintaining revenue, profit and cash flow all at once. This is why we have carefully designed a simple, yet highly effective and strategic solution that can be tailored to suit the specific requirements of each of our clients in growth mode. We provide our clients with strategic advisory services in financial accountability, whilst also educating and implementing the most effective business and financial processes into their business operations. We also provide additional resources which will enable our clients to possess the knowledge and skills to handle further compound growth.
What is growth mode?
Businesses who wish to grow their business to generate more income and more profit or businesses that are experiencing rapid sales growth or high demand for their product or service. Struggling to keep up with demand and delivering your product or service on time are all common traits of a business being in growth mode.
Is growth mode good or bad?
The short answer is both, growth mode can be good and bad. Firstly we need to determine whether you want rapid growth and if so, how to handle the growth without negatively impacting your profit and cash flow. Generally a business experiencing rapid growth has enormous problems with cash flow to the point it can kill the business. Whilst rapid growth can be exciting and rewarding, if not handled properly, can lead to rapid decline!
How do I grow and handle growth for my business?
Growing your business is not easy and a well-planned out strategy and execution is absolutely vital. Our ‘Advance & Conquer” service will outline a clear and achievable path to not only grow your business but ensure your business does not suffer adverse effects of rapid growth!
Want to know if BIAS is right for you - speak to a consultant on (08) 8363 4499