GROWING WITH YOUR BUSINESS

Entrepreneurs start a business with the intent on growing them. However, we often underestimate the complexity that growth brings. As you grow, there becomes more and more moving pieces to juggle. As your team grows, it becomes more complicated relationally than when it was just you. You have more assets to manage. The projects have become larger and more frequent. Production and inventory takes more thought and planning than it once did. Customer service is consistent.

Also you find out that there are more places that money can seemingly disappear. So what happens is on the outside you look successful, you have a great product or service, lots of revenue coming in, but the business, in reality, is struggling to survive.

Speaking to business owners, I have seen a theme emerge, and it was the realization that the skills that an entrepreneur used when starting their business were very different than the skills they need now for their business to have profitably and sustainable growth.  What they were doing to get started is no longer working, and they’re not getting the results they’re looking for.

A key point to always be aware of is that the needs of the business change as the business grows. What got you to where you are will most likely not get you to where you want to be.

Here are 3 tips to help when you feel like complexity has increased and yet profitability has not.

1. Get laser focused on what you do. So often, the complexity comes by pursuing things that are outside of your niche or specialty. As you start to grow, you have to get laser-focused on what you are going to do and what you are not going to do. What are you going to spend money on and what you are not going to spend money on? What do you outsource, and what do you keep in-house? The clearer you get on this, the greater success you will have.

2. Be honest. The problem with growth is that often times you're getting praise and recognition from those on the outside. You have to be honest with the state of your leadership, the level of your team, and the business that you have. If you’re not honest with any of those areas, you are walking on a plank that will end soon.

3. Get help! Businesses can be incredibly lonely! But it doesn't have to be! Every day we help business leaders brainstorm ideas, stay on track, think through what their day, week, and month needs to look like. You don't have to do it all alone. Reach out and take advantage of the tools that others can provide.

-Greg