Growing is an exciting part of any business endeavor. Every owner dreams of the day that they become successful enough to expand. It is so important because it often signals that your business is successful or meaningful. It means that the idea you committed so many hours of your life to is valuable to your customers. But with growth there also comes challenges and complications.
Know When To Scale
Whats important to remember is that growth is not the same as scaling. Scaling a business is all about timing, notably not starting too early. Making sure the procedures are airtight is critical when it comes to scaling up a business. As appealing as expanding your company may be, the most important thing is to evaluate demands, refine processes, and pain points while maintaining a high level of quality control. This will put your business in a much stronger position for long-term growth.
Hire Individuals To Manage Certain Responsibilities
As you grow, keep in mind that certain aspects of the business will no longer need your direct attention. A new business is commonly completely ran by the owner. Whether thats balancing the books or ordering supplies. A common mistake that owners find themselves committing when experiencing a period of growth is micromanaging the day to day.
Once the business begins to reap the benefits of early success, there comes a point when you need to hire specialists to manage some of the duties that were previously done by them. This includes hiring a marketing specialist to run your ad campaigns or an accountant to manage your books. As your business grows, owners need to be able to delegate tasks to others and give them the autonomy to do what they do is best and grow the company’s success further. This frees up you, as the owner, to focus on things such as developing relationships with possible vendors, working on partnerships, or even expanding to a second location.
Manage Your Expectations and Take Your Teams Input
As to be expected, a business is very precious to their owner. After all, they spent countless hours researching, building, designing, scouting, etc. It only makes sense that they will be protective of it.
The fact of the matter is that from concept to execution, things will change. Some of these changes will be large, owing to legal or regulatory requirements, while others may be smaller such as audience demands. Whatever the case may be, expect that your vision will undergo modifications. These changes are ok and should be welcomed as they are necessary for the business to survive. They are positive reinforcements to the business as a whole.
Along the way, don’t forget that your team probably has ideas of there own. Some could be game changers for your business. It’s easy to get into the mindset of “my business, my ideas” but limiting yourself to one persons thoughts and idea can prove to be detrimental to your business. Here at Village Workspaces, ideas get thrown around all the time from our associates, to management, to even our members. The more collaboration that happens the more likely a good idea develops into a good solution or maybe even a better product.
Don’t forget that you hired the people that you did for a reason. They are experts in the areas they work in. It would be unwise to not tap into that wealth of knowledge.
With these lessons in mind, you can avoid the traps that commonly doom or stifle a business’ opportunity to grow and scale.