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Growth in business is the natural evolution of a company, often related to increased revenue in the form of more customers, and increased profits. Many investors, entrepreneurs and employees see growth as their goal. However it’s not without obstacles.
Growth in business that is organic and inorganic are both feasible. Organic growth happens naturally in a company, while inorganic growth can be achieved through mergers and acquisitions. There are also other ways to increase the size of a company, for example, diversifying products and services or increasing production capacity.
The benefits of economies of scale can help companies reduce their expenses through the production of larger quantities of products or services which lowers the cost per item. However, the diseconomies of scale can also happen as an outcome of increasing the size of a business to an unsustainable amount which could lead to overspending and economic downturns.
A business that is experiencing rapid growth faces a variety of issues, from expanding to new areas and bringing on more staff to navigating the increasing financial gains. To achieve business growth, a company must professionalize their management processes using tools like budgets and strategic planning. The company should also be able retain its entrepreneurial spirit even as it grows.
In most cases, when a company expands, it is capable of diversifying its offerings, which is beneficial for its long-term success. For instance an establishment that opens an eatery within its premises can shield itself from a decline in the bakery business by offsetting losses in one area with profits from another.
