The clue is in the name. If you are lucky enough to experience growth within your business then you want to maximise the opportunity and avoid the pitfalls. And that is all in the planning.
When business is strong and work is coming in it’s great, but growing too quickly can actually bring more risks. Growth planning should not be overlooked.
Clients always start by asking about tax issues, investment and structure – which we can of course advise on – but the real danger is not paying too much tax or gaining investors. Overtrading is very common. This is when you spend money in order to grow but the return from the investment, or the cash from customers, will not come in for a much longer time. In the extreme, the business has lots of activity in its pipeline but runs out of cash before it can deliver. This can be addressed with planning.
In other situations the systems, controls or processes that worked fine for a small business start to fail as the business grows, this leads to costings getting out of control, duplicate or missed transactions, lost orders – all kinds of nightmares. We can help advise on a range of growth issues and growth planning solutions.