When managing growth there are critical factors to consider.
1. Plan. Without a plan success may be a challenge. Planning will include a regular review of all operations, competition, financial results, and new technologies.
2. Adapt. Keep flexibility in the organization to be positioned to take advantage of strategic growth opportunities.
3. Challenge. Owners involved in managing growth need to know what questions to ask, when and how. Motivate managers to have an “entrepreneurial “approach and reward those who enhance growth.
4. Share. Management must communicate the growth vision so team members understand the role, direction and philosophy of the business.
These are some elements of managing growth and there are others depending on the nature and size of the business. Building a solid foundation and showing leadership are key responsibilities for owners to assume as they provide the resources and direction needed to implement changes as the business grows.
These are a few of my thought. Please let me know what you think.