When we talk to clients about growth, we hear a wide variety of reasoning and rationale, but the decision to focus on growth should ultimately be treated like any other business decision. An informed and thoughtful approach to growth will produce a far better result than an impulse decision.
The push for growth is fuelled by any combination of objectives, including the desire to increase profit or market share, or the need to counter competitive threats, and the business opportunities to achieve growth can be highly complex.
Before pushing for growth, every business owner should consider a variety of questions, including:
- Is our business financially capable of funding the desired growth?
- Do we have the right resources to manage our desired growth?
- Is this growth sustainable in the long-term?
- Is there sufficient market demand to support growth?
- Can we effectively compete in our chosen markets?
- How do we identify appropriate international markets for our business?
- How do we identify the right partners in new markets?
- How do we fund growth?
Knowing when additional experience is required can help maintain control in decision-making. When thinking about growth, consider whether professional expertise may be required in any of the following fields:
- Mergers, acquisitions and divestitures
- Market demand and the competitive landscape
- International expansion
- Risk assessment and management
- Organizational management
- Talent management
- Financial modeling
Growth is an ambitious objective for any business, and requires a sophisticated understanding of the options and risks. Asking the appropriate questions and seeking thorough information on all elements of your growth strategy will better equip your business for success.