As a growing business, your company will go through extensive change. To manage this growth and these changes strategically, you'll want to make sure that your business stays focused on its goals, and grows with a sense of purpose and cohesion. Keeping moving toward your goals will also involve maintaining adequate liquidity because a shortage of working capital can disable an otherwise well-managed company. Also vital is having an accurate handle on where the business stands at every stage. And for that, you need reliable forecasts that are based on accuracy and realistic, well-grounded projections. Managing for growth can be rewarding, but it involves ongoing attention to detail.
Setting goals and aligning growth with those goals will help focus your business’s resources effectively and help the business succeed over the long term.
- Begin by creating a business plan
- Manage your growth with a sense of purpose
- Setting and achieving S-M-A-R-T objectives will help guide you
- Continuously monitor your progress so that you stay on track
Capital liquidity is essential. It’s your business’s lifeblood. Without enough, you could be unable to meet financial obligations, and that could have significant consequences.
- Improving your capital liquidity takes ongoing attention
- Consistently raise capital, from the day you open your business to the day you close or transition it.
- Know how to measure liquidity––liquidity ratios will help
- Keep your working capital working––get your money to earn money
Creating accurate, realistic forecasts will help keep your business on track. Whenever possible, base your projections on reliable industry sources.
- Begin with your baseline. Start with what you know and can verify.
- Focus on key factors. Stay grounded and use reliable, relevant data.
- Build from the bottom up, not from lofty ideals.
- Use good tools and be thorough––attention to detail will pay off.
The Russell Agency would like to help you protect your business through sound insurance products. If you would like to learn more, please contact Tim Russell at 203.255.2877.