I attended a fabulous presentation recently by Manny Skevofilax of Portal Finance http://www.portalfinancegroup.com/ titled, “Navigating the Risks of a Rapid Revenue Growth Strategy”.
His takeaways were:
Review your strategic plan on a monthly basis to ensure that you are achieving your goals. All goals must have a timeline and responsible party.
Be willing to make changes to your business model and plan. Track results. It is riskier to stay the same than to implement intelligent change. Continuously and forever improve.
Whenever possible use variable costs instead of fixed costs. This will allow your costs to drop rapidly if your revenues unexpectedly drop.
Make sure you have a rear view mirror, a dash board, and a windshield. The rear view mirror is your bookkeeper telling you the past. Your dashboard is your Controller telling you what is happening today. Your windshield is a CFO helping you look into the future.
Another great thought…
A company growing at 5-10% is like driving down a city road at 15 mile per hour. You have time to look around and adjust.
A company growing at 25-100% per year is like driving down that same city road at 100 miles per hour. You don’t have any time to look at anything. Make sure you have the right team and the right plan to go 100 miles per hour.
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