Is your business a dynamic enterprise set on growth, or has it lost its impetus and gone senile? Understanding the difference between a growing business and an ageing business can help you keep your firm on course for growth, or re-energise it if it has run out of steam.
One way to evaluate your business is to examine your modus operandi - how you go about doing things. Does your firm have a 'growth culture' in which innovation and enterprise are encouraged, or is it stifled by caution, regulation, and control? Are you open to ideas or satisfied with your way of doing things?
You can find out by completing the business growth indicator in the panel. If you score mainly in the left column, your business is probably quite healthy and growth orientated; but if you score mainly in the right, you should think seriously about giving your business a new lease of life.
Another way to evaluate your business is to look at your management priorities. Most businesses have four managerial functions:
Production - making sure things are produced, whether they be products, services, or simply chargeable hours.
Administration - keeping business activities in line with plans, deadlines, and standards.
Enterprise - fostering continuous development and innovation in products, services, marketing strategies, etc.
Integration - ensuring that all personnel and activities are pulling together to achieve the firm's goals and objectives
In simple terms, a growing business is one in which P and E predominate, and an ageing business is one in which A and I predominate.
However your business shapes up, if you think there may be a way we can help improve your business, do let us know.
Business Growth Indicator
In each row, tick the choice that best describes your business, you can do this on screen or print this page out.
Harbinson Mulholland is registered to carry on audit work and regulated for a range of investment business activities by the Institute of Chartered Accountants in Ireland
