Prepare for Growth
This article is part of a collection of small business resources available to DECA members through Fran Tarkenton and the Tarkenton Companies. View a complete list of small business articles here and learn more about Tarkenton Companies here.
For a small business owner, growth is very exciting—and also frightening at the same time.
Many businesses fail because they bring on more growth than they are able to process or handle.
In this video, NOWaccount President and CEO Lara Hodgson talks about how she prepared her company for growth to make sure the business would be sustainable and successful in the long term.
While some of her partners were interested in rolling her service out on a large scale right away, she insisted on starting with small-scale offerings first. That allowed her to get feedback from customers and incorporate that into the product before rolling it out to more customers. It allowed NOWaccount to study its customers and its product, to see how it could do things better, and how its operations would be able to handle the service.
This approach to preparing for growth requires a lot of self-discipline; it is very tempting to just let it go at the first opportunity and ride the growth curve as far as it will take you, but slow, responsive growth keeps the business owner in control and more responsive to the needs of customers.
Get more small business resources at GoSmallBiz.com, a Tarkenton Company. Fran Tarkenton was the recipient of the 2014 Entrepreneurial Spirit Award and is dedicated to supporting DECA's mission of preparing the next generation of leaders and entrepreneurs.
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