As a business experiences rapid growth their internal controls and operational processes must be assessed to ensure that they sustain and support this growth. Company's cannot afford to get by without taking a 360 look at the business from the ground up. With growth comes more sales, more volume, bigger contracts, and more complex operational issues. As your business is making that transition, you will want the internal controls foundation to ensure that the business can operate on it's own without significant issues arising on a day to day basis.
Many private businesses start out as family business and over time have developed a successful product of service. In the early stages operating the day to day business through trail & error, and experience is what develops their competitive advantage over time. However, there comes a time when they need to get serious about protecting and sustaining the business over a long period of time. This is a transitional stage when the business grows to size where additional growth can be both a success or a huge failure.
As the business grows larger, it is every so more important to have internal controls and processes in place as each component of business must work together.
The following components are critical:
I will leave you with a quote from Dr. Leo Buscaglia " To know and not to do is not to know"
For more information, please contact an MP Group Advisor below.