We have a client who experienced a 40% growth in sales from 2010 to 2011 and after the first quarter of 2012 is on track for a 30% growth over 2011 sales. While this level of growth is difficult to sustain over the long haul, they are still looking for ways to expand their business by potentially opening up a new location. I read an interesting article on how to handle such rapid growth in a business. A few of his points include:
• Stay focused on the customer experience – our client is concerned that opening a second location will take her away from the clients she sees at the original location. To deal with this, they have been working on building up an excellent staff over the past few years that have been familiarizing themselves with the clients so the owner can potentially spend time at a separate location.
• Cut through the financial fog – it is important for our client to focus on what she does best which is running her business. Therefore, it is essential to have legal and financial experts on hand so she can worry less about the business aspect of any decision.
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