In the October edition of the HTG Way I introduced a three part blog series on Growth. In the first post we explored four different types of companies and the owner mindset of each in regard to growth and value. The second post examined four different types of growth and began to discuss how to intentionally plan for growth.
There will be issues if you chose a growth path. You have to address those too. Some I’ve experienced personally and others I’ve seen peers go through as they grew.
Here are nine challenges you may encounter:
- Growing too fast
- Recordkeeping and other infrastructure needs grow significantly
- Expansion capital
- Personnel issues
- Customer service
- Disagreements among ownership
- Family issues
- Metamorphosis of company culture
- Changing role of owner
I present this list of issues to you as things to think about and prepare for because if you choose to grow, you will hit some roadblocks.
We’ll dig into each of these in the coming weeks so that we can anticipate them and proactively work to mitigate these potential challenges.
To summarize this growth series: Know your own mindset. Be intentional about your growth path. Choose proactively to anticipate and deal with issues you will encounter.