All successful small business startups eventually face the issue of handling business expansion or growth. Business expansion is a stage of a company's life that is fraught with both opportunities and perils. On the one hand, business growth often carries with it a corresponding increase in financial fortunes for owners and employees alike. In addition, expansion is usually seen as a validation of the entrepreneur's initial business startup idea, and of his or her many efforts to bring that vision to life. But it's obvious that business expansion also presents the small business owner with an array of issues that have to be addressed. Growth causes a variety of changes, all of which present different managerial, legal, and financial challenges. Growth means that new employees will be hired who will be looking to the top management of the company for leadership. Growth means that the company's management will become less and less centralized, and this may raise the levels of internal politics, protectionism, and dissension over what goals and projects the company should pursue. Growth means that market share will expand, calling for new strategies for dealing with larger competitors. Growth also means that additional capital will be required and creating new responsibilities for employees and management alike is a must. Thus, growth brings with it a variety of changes in the company's structure, needs, and objectives. Given these realities, I think the need of the organization to grow must be matched by the need to understand that meaningful, long-term, profitable growth is a by-product of effective management and planning within a well oiled business machine. J.M. Barrie stated in his classic novel, 'Peter pan,' "...to die will be an awfully big adventure..." I disagree - any entrepreneur should agree that '..to run a business - will be an awfully big adventure.'
10/15/2016 11:01:42 pm
I'm sure each of us have our own reasons to start a big adventure like that. I'm still new to the business world so I keep on striving and doing my best to deal with all the circumstances that comes my way. Luckily, there are a lot of mentors and even bloggers who share their own experiences like you. It really is a big help for newbies like me. Please continue to share your stories because we learn a lot from them!
6/30/2018 03:55:08 am
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4/7/2021 10:19:53 am
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