Benefits: -Mills liked the control that it allowed her – Slower growth rate would enable her to learn as she grew the business – Lower risk as everything was already financed by the sales profit and the business to date had no debt
Implications: – Question of whether Mills would still be able to continue growing the business with the additional responsibilities of motherhood – Opting for the slower growth rate may forfeit some significant business opportunities.
Fast Growth
Benefits: – Opportunity for significant business opportunity with a national chain of stores which sold greeting cards.
This would dramatically increase the sales revenue of the business – By hiring additional staff like a salesperson and an accountant, mills could focus her time and energy on the design process of the greeting cards. – By hiring extra staff like a freelance designer, Mills could focus on the sales side of the business. With her sales experience, she was sure she could grow the business substantially.
Implications: – Hiring additional staff will mean that Mills will have increased paperwork in terms of payroll and remittance taxes which she may put a strain on her workload. – By hiring additional staff, Mills will have to take on a managerial role by delegating tasks etc and she may not have these required skills. – By opting for the fast growth rate, Mills will lose a certain amount of control over her business as more people get involved. If she is to get investors to finance her business then she may lose a large percentage of her business and runs the risk of having the business taken over.
Due to the fact that Mills is soon to take on the additional responsibilities of motherhood, i believe she should continue operating her business with a slow growth rate. Taking this option will allow her to keep in control of the business and not require her to seek financing from an outside investor. The fact that she is happy with the income she is receiving from the business is also another factor to continue on this slow growth strategy and will also enable her to learn as the business grows.
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