Growing a business like Worldwide Express from a $5,000 start-up into a $500 million-a-year enterprise is the dream of most entrepreneurs. Ironically, though, one of the most significant trials that can confront a small business is rapid growth. Without careful management, rapid growth can be fatal to an otherwise solid business.
Above all, small business growth requires foresight and planning. It isn’t easy to anticipate the future, but the effort of doing so ensures that a venture stays agile. Moreover, developing clear operational systems and procedures early on enables a small business to act on opportunities, rather than react to crises.
Furthermore, most entrepreneurs are very “hands-on.” However, when business grows quickly, being too involved becomes time consuming, and potentially damaging. An effective business leader maintains open communication with the management team while resisting the urge to micromanage.
Finally, rapid growth often results in a tempting influx of money. A wise small business owner learns to balance earnings with spending. A successful start-up takes advantage of available capital but carefully paces that spending to avoid financial emergencies down the road. Justified expenditures provide the tools, training, and other resources that enable the team to be more effective.