Profit growth and business expansion are two key goals for many family businesses. In order to successfully reach your targets, however, you must control the growth.
If you undergo an undisciplined expansion, you'll run the risk of burning through too much cash too quickly, diluting resources, leaving projects unfinished and destroying morale.
Whether you're planning an ambitious expansion, considering a merger or acquisition, developing a new growth strategy, or looking at a few minor tweaks to boost revenue, plan your moves carefully.
As you move forward with the strategy, continually evaluate the game plan by asking the following questions: