In Show 076 – Replay – Fast Fix Monday – Problems Multiplied originally broadcast on Facebook Live on Monday 2 April 2018 we explore this interesting topic.
Today a special Easter edition of Fast Fix Monday. We are going to replay an episode from late last year that deals with the top seven problems you will encounter when growing your business.
Cash flow crunch
You really need to be careful about you cash flow when expanding your business. That includes both operating cash flow and financing cash flow. You have to be able to keep your business operating and you need to carefully plan where the money is going to come from.
As you begin to expand your business there is a temptation to go out and buy the biggest and best equipment and locations for that growth. That can lead to major problems when the financing dries up. Be extra careful with your money while growing the business.
When you expand your business any problems you have in your business are going to be multiplied. When you open a new location you have to ensure that the new location communicates effectively with your other offices. If that gets neglected you are going to create additional problems.
Any leadership faults that currently exist are going to be exacerbated by expansion. The leadership needs to be as effective as possible well before you plan on growing the business.
This is a problem that businesses always run into as they grow. As you grow you have to bring in new people to help and that can alienate existing customers. You have to ensure that your customers are receiving a consistent level of service.
Your time is going to be filled with the expansion of the business and that is going to leave a lot less time for your staff. You have to ensure that there is a good level of communication with your staff during the expansion or you are going to contend with worker alienation that will affect your productivity.
Whenever you expand the business you are going to have to bring in new people. Making sure you hire the right people is crucial. Proper staff selection and integration with your current employees is going to be a big component of your future success.
More about this Show
We started Business Legal Lifecycle to create a simple way for you to understand complex legal terms. Most importantly we want to help you to develop a plan to take your business successfully into the future. There’s a startling statistic the underscores the importance of developing a solid plan. The majority of business owners are just seven months away from losing everything. A single aspect of your business that is not set-up correctly can shut down your whole operation very quickly. Legal advice is not cheap and even when you can afford it there is often a divide between lawyers and their clients. We want to close that gap once and for all. We want to put legal knowledge and tools into your hand to prevent the worst from happening to you.
Twice a week we are going to deliver those tools right to your home or office with Business Legal Lifecycle TV. We’ll start the week with Fast Fix Monday, a short 5-10 minute video that will tackle a single issue that businesses have to deal with. Then on Wednesday’s our main show will feature with more fulsome discussions and interviews all delivered in a straightforward and easy to understand format.