The Enterprise and Economic Development Glossary a resource of the .network library

fast-growing companies:

... business entities recognized for the pace of their enterprise development activities or their potential to enter the process with a number of specific projects; a group of enterprises given some form of attention or recognition for their growth process; economic development prospects. A fast-growing company is often seen emerging from the ranks of those that are young relatively small or medium size operations. They are members of the .network target audience.

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The Enterprise and Economic Development Glossary a resource of the .network library

business growth process:

... changes that take place as a enterprising moves towards or beyond expectations set forth in a business plan and/or a strategy application.

The process begins with a business decision maker acting on a perceived entrepreneurial opportunity by making a plan, after which it an initial strategy for putting together all that's needed to startup operations. Some would say that the growth process actually begins when the enterprise is operational and experiencing success; however, preparation for planting the seeds with a mindset for success based on confidence that the entrepreneurial risks have been calculated and addresses. Then follow through on managing strategic action steps begins. Just as farmers know their seeds must have water and sunlight, and be nurtured as well as protected through hands-on care, so do entrepreneurs know their business growth process.

The business growth process usually requires the attention of investors and/or lenders from the outset. The entrepreneur needs venture capital. The enterprise developer well into the growth process needs the confidence of investors and the willing cooperation of lenders. The opportunism for business growth ultimately come down to the potentials for increasing profits. Everyone having a vested interest must see financial gain for the growth process not to be obstructed.

The business growth process needs other things in addition to money. Employers and employees need to constantly pay attention to the voice of the customer. Growth oriented employers and employees focus on personal and corporate excellence. They must collectively strive for continuous improvement, not just to serve production, but to serve customer and community.

Search the Web for a definition of business growth and you will likely find consultants reaching out with services for improving business development and marketing strategies and techniques. Gaining more customers or clients is certainly part of the growth process. The challenge is to not let that be a freewheeling focus. Successfully overcoming the competition, especially by application of those things pointed out in the above paragraph.

Mergers and acquisitions is a term that needs to be inserted into the business growth process. On the one hand it is seen that mergers or acquisitions of business operating entities can mean opportunities for growth, on the other hand, they can mean raiding assets for one-time profit and leaving a shell with no potential. In the latter case, shutting down the enterprise development potential can also affect economic development in a location or community sustainability.

One academic analysis of the business growth process points out that knowledge on the subject appears fragmented rather than cumulative, especially in terms of there being a wide range of growth models and measures of how they achieve success. Use of the expression, enterprise and economic development, can indicate that business growth feeds into the latter process. Many definitions of economic development, for example, indicate that business growth of benefit to communities is measurable in terms of the creation of jobs.

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