It never fails. Every year as we approach spring my kids start to grow – rapidly. Wrist bones and ankle bones appear where none could be seen before. Shirts start to look like they went through a too-hot wash. This year my youngest son managed to outgrow every pair of pants he owned just as the stores were pulling all their winter inventory. There was hardly a pair of pants to be found.
A sudden growth spurt can wreak havoc with your time and resources. If you are experiencing rapid business growth, focus on the following activities:
- Watch your cash flow. Rapidly increasing expenses can put a crunch on your cash. Make sure your receivables are current. Keep an eye on your budget and time expenses appropriately.
- Prioritize. Which tasks on your plate are going to get you the farthest with the smallest expenditure of resources? Buying pants as we roll into June (and another inevitable growth spurt) is not a good investment of time or money.
- Staff appropriately. Add resources where needed to keep the business moving. But make sure you staff in the right place. Focus on positions that keep the work flowing through your business and money coming in the door.
- Watch your inventory. Running out of quick-moving product can bring your growth to a dead stop.
This week I solved one of our “inventory shortages” with a semi-creative solution and a pair of scissors. My older son is now sporting a whole new line of cut-off jeans.
Have a challenge related to sudden business growth? Send your stories to email@example.com – if I use them, I’ll feature your business.