After small projects to becoming one of the largest companies in the West, Phaze Concrete shares tips on how to handle substantial business growth.
It’s exciting when your new business finally starts to pick up the pace. New projects are added to the portfolio, which brings in more clients and more money. Some companies fail under the crushing weight of quick new growth. With the right strategy and planning, fast growth is more manageable.
After more than 15 years of experience in the construction industry, Phaze Concrete experts share valuable tips for handling substantial growth as a business.
To get the most out of your business, Phaze Concrete experts recommend being strategic about growth. Determine critical objectives by asking questions about the requirements for financial capital, cash flow management, inventory, and the efficiency of the production line. Additionally, consider your hiring procedures and training. Is your staff equipped to handle growth?
Phaze Concrete experts suggest performing an analysis to determine how your business can gain more control over cash flow. Go through a comprehensive assessment in each department, including overhead, inventory, assets, sales, and receivables. This process will help the company avoid future liquidity issues, which can be improved by analyzing receivables and payables.
Prepare a Strategy
After conducting a company-wide assessment, determine if your growth is ongoing, seasonal, or a one-time occurrence. This information will help you formulate a strategy. Phaze Concrete experts also recommend studying the economy, market, competitors, demographics, and marketing channels. Looking at the company’s outside environment will help make predictions more accurate.
Control Costs & Debt
Plan diligently to control costs and avoid unexpected expenses. A system should be in place to address all operations and ensure concrete goals are being met. Phaze Concrete experts note that many businesses will spend too much during a small growth spurt expecting income to rise, only to find that they are not making as much as anticipated. High-growth companies can be a risky investment to lenders, who do not want to see large amounts of hidden debt.
After performing an in-depth analysis, you can use the information to examine your payment schedule and refinance. This option is suitable for those who need to reschedule their debt payment plans over a more extended period of time.
About Phaze Concrete:
In 2003, Phaze Concrete began as a small family-owned and operated business. The father and son duo has since grown their little company into a well-known powerhouse with a growing portfolio.
No matter the vision, Phaze Concrete is capable of meeting the client’s needs. Phaze Concrete is licensed to deliver its services to 17 states. They mainly focus on high-profile clients and big-ticket contracts in the western United States.
For more information on Phaze Concrete, and to see examples of completed projects, visit www.phazeconcrete.com.