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Managing Your Company’s Growth

1. Focus on execution. Do what you do very well. Statistics show it’s worth your while—small firms originate twice as many product innovations per employee as larger firms.
   
2. Make an early investment in marketing expertise. Company founders are usually focused on product development and have little or nothing in the way of sales and marketing skills. Hire experts who know your market well.
   
3. Anticipate infrastructure issues. Small business owners must stay alert to signs that their company is going to run into resource limitations. Prepare yourself for the inevitable reorganization or expansion of your infrastructure.
   
4. Take advantage of government funding. Small companies receive 11 percent of their research and development dollars from the federal government. Invest in the opportunity.
   
5. Choose your growth style. There are as many different growth styles – market, expansion, employee additions, geographic diversification – as there are personality types. Think ahead to what growth style makes you comfortable and fits into your company goals and corporate culture. For example, if you and your staff enjoy traveling and learning regional differences, expanding geographically is the path for you!

   

   
   Most recent revision June 07, 2007