Logistics and framework for administration are needed for things such as budget, cash flow, banking, accounting, legal, technical and other skills. These can be in house or contracted out. Clear understanding of the supply chain of producing the product (vendors, subcontracts, raw materials, etc…) as well as distribution (retail, wholesale, point of sale, distribution, follow through, warranty issues, service after the sale) are important.
Administration and personnel issues must be addressed: HR management, communication, etc.
Production will need to become more efficient and lean to keep up with demand. A pipeline of different products or services will need to be developed. This can be an exciting and chaotic time for a business. There will be many irons in the fire along with satisfaction in the fact that you made it past the new stage.
Efficiency training should be looked into because the business has been around for a while and there will inevitably be some waste. Start looking at the innovation/product pipeline and make sure there is something in the pipeline in order to keep growing and not fall into decline.
A declining business may be in “extreme cost saving” mode. Inability to showcase capabilities to potential new customers due to lack of resources. Unable to purchase safety equipment due to lack of income leads to increased safety concerns in operation.
A business that is in decline will need the following: money, an understanding of how and why it is at the point on the curve. Investors may be interested in keeping it going. It may be time to have an honest conversation about when to pull the plug, or a new direction for the company if the investors are willing to foot the bill.