Managing Business Growth
Strong leadership is key to successfully managing sustainable business growth. As well as gearing up to meet demands of an increasing client base, companies need to deal with competitors, a tough economic climate and the uncertainties of Brexit.
You may be a fantastic multi-tasker but there are only 24 hours in a day and you will need to rest and refresh! Make 2 lists. One is a list of tasks that you spend time on that could be done inexpensively by someone else. The other list will highlight things that you should do or do better.
Now highlight the tasks that should be on the other list. This is not the same for everyone. For example, those with an accounts background and those with a sales background will excel at different tasks and should delegate accordingly.
Young Talent or Experienced Professional?
Are you ready to become an employer? If not, there are several small businesses and freelancers who will be able to help with book-keeping, social media, blog writing, email campaigns, research, etc. When you are ready to hire, consider a young employee who is keen to learn and can take on responsibilities over time. For example, if your out-sourced service providers are local (and willing), they can train and handover – but make sure that this is understood at the outset.
Obviously, the first employee is the biggest learning curve. You may need help with the legal stuff, such as PAYE, insurances and workplace pensions. Your accountant may be able to advise or assist you.
Growing an Established Small Business.
Usually, when decision is made to expand the business to meet demand, more investment will be needed. Expanding your trusted core team will change the dynamics, as it will often include people joining the business at a higher level. Strong management is required at this point to retain the valued experienced personnel who contributed to the company’s success whilst integrating the key members who will help grow the business further.
Success or Failure?
Growth is not always a smooth uphill path, rather a series of peaks and troughs which will eventually stabilise. However, it is important to recognise when a ‘trough’ is in danger of leading to ultimate failure, so that rescue strategies can be invoked.
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