Are you, as a small business owner, ready to grow? It seems like a lot of entrepreneurs have the same aspirations, but not all of them are ready for it. Is your company ready?
It may be pressure from external sources, such as investors, or maybe you're a salesperson at heart, and not necessarily a manager. Growth for a salesperson means more sales, but now there's a new skill you must master: implementation of operations to deliver. Working for other companies, this was probably never a issue for you. But now, company sales can't escalate nearly as fast as you'd like.
Whatever the reason, managing growth is just as important as creating it. Large companies have to manage their growth to make sure that current sales and projects can be delivered without compromising quality or their promise. If hiring can't keep up with the delivery of sales, eventually the service or product offered will lose value and growth will become negative.
Make sure that the growth of a company is handled responsibly. Any thriving company can fail just from under-delivering on their promise. Know that you're doing the right thing and that stagnant revenue is perfect for some entrepreneurs. Just listen to yourself.
Is there enough cash in the bank to make sure that your new hire is going to get paid? Monday is a quiet, lonely place for a small business owner who was not able to make payroll.
However, there are a lot of benefits to hiring. Delegating tasks frees you up to make sure you can accomplish what the business demands or allows you to network and create more sales.
Are you ready to give up a little bit of your control of the operations?
There's no sugar coating here: A small business is more likely to fail than succeed. Having the ability to take a little rejection and still be able to look for opportunities to learn are crucial to the company's success. Being able to see where rejection and failure can take you can help you get ahead of the competition.
Entrepreneurs are always the first to rise to a challenge. Growing your small business will be one of the most difficult challenges you'll have. But with dedication to its survival, and using your financial books to make smart decisions, you'll be primed to succeed.