The only thing I can remember from Year 10 BS is that the growth phase is where the business might expand too quickly, and this means, purchasing too much stock, and hiring too many personnel.
Just a few off the top of my head: Stock control, the business owners need to determine the best method of controlling their inventory. Businesses may need to outsource some functions of the business as the employees roles become more specialised. Businesses need to follow opportunities that would help sustain the growth of the business. (Like changing the legal structure to a partnership or public/private company)
There should be a stack of them in your text book!
-Expanding too rapidly and therefore losing control of the business's direction
-Moving away from the core business activities
-Business may not have enough experience in new areas
-The need for finance to continue growth