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When buying or starting a business, we all hope for and dream about the time when our venture is expanding rapidly, and we have so much growth that we have to hire more people and see profits pouring in.
However, too-quick growth can cause many teething problems, often leading organizations to shut down, sell, or close some parts of the venture.
As such, it’s vital to be strategic about how you handle times of rapid increases in customer sales. Here are some steps to take.
Keep a Close Eye on Cashflow
For starters, it’s vital to keep a close eye on cashflow. Many people erroneously think that when a business is growing rapidly, plenty of cash is coming in, so it’s not so essential to watch the reserves. However, while there may be plenty of incoming funds, there will also be more outgoings than before, whether in the cost of stock to sell, staff to man stores or complete services, bigger premises to pay for, and so on.
Many businesses have to suddenly close or get sold these days because the owners or managers have found themselves having a big issue with cashflow and unable to pay wages and other bills. As such, you need to avoid this situation, even when times are good and you might think it’s the last thing you have to worry about.
Get a Loan if Needed
To grow your business how you’d like, you may have to get access to additional funds. For instance, you might need to hire a bunch of new people all at once to service the extra demand you have suddenly, or invest in larger production facilities or more expensive equipment, or even buy a lot of inventory upfront ASAP to cater to the growth in demand.
When this happens, you may want to get a loan to help tide your business over until the funds from sales come in. Ensure you source a decent s… Read More
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