Are you Ready for Growth? - by Ravi Patel

 

Entrepreneurs are mostly focused on growing their companies and would like nothing more than rapid growth. Compared to the alternatives, managing growth is a nice “problem” to have.

 

However, is rapid growth always good for Entrepreneurs? Not necessarily.

 

Being ready for and managing rapid growth requires tremendous preparation and infrastructure. In addition to unique product and services and a solid management team, items such as adequate facilities, reliable IT infrastructure, communication systems, developed business processes, working capital lines of credit, access to growth capital, a group of professional advisers (lawyers, accountants, etc.), an industry advisory group or Board, and so on must be in place.

 

Most Entrepreneurs have a few of these things in place as they expand, but reach a crisis point when certain required elements are not readily available or in place.

 

While rapid growth is desirable, Entrepreneurs must ensure that they have in place the requirements to manage such growth . Otherwise, rapid growth may not be good for them. 

 

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