Almost a Superstar
Some businesses are lucky enough to experience growth year after year. But fast growth can create its own set of challenges. These businesses can find themselves without the business systems in place to keep the business operating optimally.
Based on your Business Assessment Scores, it would appear that you are in this phase of development. Because you’ve been growing quickly, you may find that you may not have the right systems in place to ensure you have enough cash on hand. This happens to a lot of successful business, who have been so focused on growth that other problems snuck in.
We want to introduce you to Art, who may have been experiencing the same challenges are you might be facing.
“The business is going great, but I wish it looked that way to my creditors. We’ve been growing so fast that we aren’t always that great at sending out invoices and following up to make sure that they are paid on time. We’ve been late on a few payments and have had some close calls on payroll. I know we need to get better, but if I put more people on it, I wouldn’t be able to keep growing so fast.”
Art’s business is booming. He’s grown rapidly in size, and he continues to grow quickly. Unfortunately, Art does a lot of business with both the local and federal government. So, it takes him a while to get paid for the services he provides. He has staff, overhead, and suppliers to pay monthly, and sometimes, he’s found himself running a bit short on cash.
This isn’t an uncommon problem. Everyone gets excited and likes to do the thing he or she does best. It’s easy not to focus on those areas we don’t like or don’t understand. However, that’s what can take great business down. It’s important to fix those gaps before they become major anchors weighing down your growth.