Everyone wants to see their start-up business experience growth. However, it is how a business owner copes with this growth that can set them apart from their competitors and position them onto the path to success.
A growth phase is not always smooth but there are several key things you can do to help take your business to the next level.
At MyBudget we have experienced strong growth year on year, and in the past 12 months have grown by 78%.
Growth has thrown me and the senior management team some curve balls, but we have found that strategic thinking and planning are the keys to capitalise on this, rather than finding ourselves overextended and flailing.
I’ve encountered a few barriers to growth, such as requiring our managers to grow as leaders in their abilities to manage staff more effectively, delegate and predict situations.
Further to this, there is an ongoing need for effective systems and structures to handle the complexity growth brings to a business. Finally, to create growth we have needed to navigate new markets to turn us into a national business.
For small business owners, it soon becomes evident they are only one person, with a limited amount of time.
With this in mind, delegation is crucial to promote growth and cope with it when it occurs. I recently heard that 96% of all businesses have fewer than 10 employees and the vast majority have fewer than three.
One aspect I learnt early on was that if you do not progress and allow people to be part of running your business then all you have is a job, not a business.
Of course you need good people to do this and I have found bringing experienced managers into the company has not always been the answer. Therefore promoting from within is a great option.
Utilise executive training and coaching to aid your staff’s professional development. In fact, this is still something I do myself because you will never know it all.
I am constantly learning something new and try to pass this onto our staff by having a library of recommended books that we encourage them to read to help with their own growth.
Eventually a business becomes too big to keep all the procedures and systems in your head and needs to be well documented and understood by staff.