Growth is a good thing, but too much growth under the wrong circumstances can create issues. A company must be able to adapt or be setup to adapt to the changes that will come with growth.
What does this look like?
- Put in place accounting procedures that set the company up for growth. What works when a company is first starting won't work when it doubles or triples in growth. i.e. that spreadsheet isn't going to cut it...
- Know the KPIs. This is critical in showing a company that growth is happening (numbers don't lie) and being able to pull these numbers out of the accounting system is just as critical.
- Have the data in one place. This creates efficiency so that when growth happens the company isn't slowed down or even halted because they can't find the right information. This information would include, among others, invoices, quotes, contracts, etc.
What to remember: Surround the company with a team of people (both inside and outside of the company) that have the skills needed to accomplish the goal.