Growth is the goal for many companies — whether you get that growth from adding another location, forming an alliance, adding services, diversifying into other areas or merging with/acquiring another business. But not all growth is good. So, it’s critical that you properly manage it. Smart Business recently talked with Kent Beachy about monitoring and managing your business’s growth.
For example, when growth is on the horizon, construction companies will go out and take on more work than they can handle. They have to pay their labor weekly, but they may not get paid for 60 or 90 days. A big part of growth is being able to finance it; you must have the right financing sources, such as built-up profits and/or a line of credit.
To learn more about how to set up the right systems to monitor your financial accounting and cash flow in times of growth, read the full article on Smart Business’ website.
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