There’s no doubt that one of the main objectives of any entrepreneur is to have their enterprise grow profitably. To achieve this, it is very important to understand the factors that contribute to growth.
There is a general consensus that growth in enterprises is a complex process, which is neither linearly continuous nor dependent upon only a limited number of factors.
Whilst there are numerous variables that can influence the growth potential of a business, in our experience there are certain areas that business leaders need to pay particular attention to, such as the availability of financial, human, and social resources. Having technical and management skills that can adapt to and cope with a changing environment are also fundamental, as is the potential to train and develop staff. And any enterprise cannot survive without a dash of creativity and opportunity recognition.
Four key factors that influence business growth
1. Behavioural and personal traits
2. Business structure and management
3. External factors
Many thanks to Dr Muhammad Azam Roomi, Senior Lecturer in Entrepreneurship and Business Growth, Cranfield School of Management for this blog content.