How to assess the risk of Growth in Businesses as an Entrepreneur

byPChokshi

144 followers

Updated 8 years ago

In the words of Mark Schaefer, the mastermind behind Grow, “You’re in marketing for one reason: Grow. Grow your company, reputation, customers, impact, profits. Grow yourself. This is a community that will help. It will stretch your mind, connect you to fascinating people, and provide some fun along the way.”

When considering the entrepreneurial globe, Business growth is one of the most discussed topic. Reading this whats the first thing that comes to your mind when you are thing about business growth? Growth is definitely good; Most businesses either grow or die. When planning strategies for your business the biggest thing that comes to your mind is growth i.e Your future plans will always collaborate linearly to how big you want to grow.

I want you to take a minute and think why you are at Wealth Affiliate today? First thing in everybody's mind is to make money, that is a given. We plan strategies on how to attract more clients and most of all how to grow our network and eventually increase our wealth.

The purpose of this blog is to help you assess your risks when you are thinking about your growth. As my big brother (Risk management Software Engineer) always told me behind every successful business there is a person who has managed their risks well. Below are a few questions that might assist you in your future plans.

1. Why should I grow?
2. How will I grow?
3. How much should I grow?
4. How much growth can I afford?
5. Do I have enough time and right tools to grow?
6. Do I have enough training?
7. Do I have adequate financial controls?
8. Do I have adequate quality controls?
9. How will growth create risks for…
   a) Customer service?
   b) Customer experience?
   c) Cash flow?
10. How will I mitigate the issues I face?
11. How will I monitor and manage the growth?

These are some of the questions, if you took time in assessing will definitely go along way in your future entrepreneurship. Thank you for taking the time to read this blog. Even if it helps 1 person, it will have been worth my time. Let me know your thoughts on the comment section below. If you have any questions feel free to ask them in the comment section below as well.

Priyank Chokshi,

Founder and Author of http://smartentrepreneurship.siterubix.com/ (under construction, just a friendly heads up)