This is our second blog on business growth. If you missed our first blog on business growth you can read it here.
Business growth - Traditional pain points and how to cope with them
Growing a business takes a lot of effort, time, and determination. These are often the pain points that come first when you decide to scale your business. Then comes the worry of delegation. If you have been running a solo business for some time, you will be used to doing everything your way. This means it can sometimes be difficult to pass over the reins to someone new. But you need to be able to show employees you want their opinions. Employees can be valuable in showing you how tasks can sometimes be done better, be more effective and more efficient. As your employees take over certain tasks this will help you to overcome your fears and avoid your micromanagement traits.
Do not feel alone if your struggle with micromanagement, this is something a lot of entrepreneurs struggle with. Once you have overcome this it can be very uplifting and be a great aid in business growth. With growth, comes more responsibility. You will have an increase in employees, more products and as such, there is the potential for more issues to arise.
This can certainly seem a little daunting but it’s important you manage problems as soon as they arrive. Don’t automatically dismiss customer complaints. Listen to why they are unhappy and let them have the opportunity to suggest what can be improved. Whilst customer complaints won’t always be helpful they can offer some invaluable insight into your business without the need for expensive market research. The same goes for employees. Listen to their feedback, their feelings and ideas for improvement. Not only does this help build a better business but it helps with employee morale. After all, as a business owner you cannot know everything and nor can you possess every single skill out there. Don’t forget you, employed people, for a reason - to do what they are good at!
It’s important to be flexible for business growth
In times like these flexibility is an essential part of running a business. You need to give yourself and your business the opportunities to be flexible and roll with the punches. I have seen many businesses fail during these times of crisis, but when you see some fail, you see others thrive. The reality is those that have thrived have been due to flexibility. They are open to new ideas, opportunities and whilst strategy is important for your long term success, so is the ability to be flexible. The current pandemic has proved that we cannot plan for everything. When it comes to employees and engagement with them, it is important to be available for them. The same goes for your customers - they are the building blocks of your business. I recommend for business growth you have someone within the company that employees can go to. Someone they can have a conversation with, feel more comfortable as well as giving them the opportunity to make suggestions. This will free up your time to work on business growth rather than spending excessive time on putting out fires.
Business growth metrics and performance
As an accountant, I love looking at the metrics and performance of businesses, it’s a huge passion of mine. However, there is only so much you can do when looking to the past - I recommend a switch to how you look at the data. I use these performance metrics to help our business (and our clients' businesses) look to the future. When you look at the previous ways your business has worked, you can then plan and strategise for the paths ahead. Look at what has worked, what hasn’t, and where investments need to be made to help encourage a secure and successful business. These numbers and figures are excellent for doing this, but you also need to remember we are in a world where things can change dramatically, so even with the greatest laid plans, you need to have plan A, B, C, and D ready. This will help you feel more confident if a crisis arises. Are you ready to scale up and concentrate on business growth? If so myself and my team can offer invaluable advice and support so why not contact us today to arrange a consultation. If you are interested in seeing our latest business tips follows us on Facebook.
