I have had so many clients come to me with 2 main issues giving them heartache, when they should be giving them joy:
1. The business needs to expand because business is growing… but how do I do it??
2. My business expansion has been rapid, but I am not making the money I should, along with a whole host of other issues, and it is driving me insane!! What do I do?
Both are great questions, and in practice, to avoid the problems with dilemma 2, you should take care of dilemma 1 via a well executed business plan & expansion strategy.
Now that dilemma 1 is sorted, lets work on dilemma 2. How do I grow my business without suffering a heart-attack in the process? Now, I don’t want to write a thesis here, but I do want to address one major issue which entrepreneurs / owners will face, which if not effectively dealt with will likely see them repeat a cycle of rise-fall-rise-fall in a continuous loop. That issue is one of letting go and investing in independent management. When I say independent management, I am not referring to your husband, wife, child, etc. over whom you can have an undue and impartial influence. I am all for family in business! The greatest empires are family based, but they also incorporate fantastic management.
This is the thing…. you have to be able to let go. Its like an acid test of you and your business. It will give you a chance to expose any weaknesses in the system that you may have been covering or overlooking as an owner. Furthermore, there is only so much of you to effectively go around. As you expand without management in place, you will start spreading yourself too thin and the business will suffer. Marketing will take a knock as your sales increase and you address that with issue all your might. Then once that rush is over, the sales stop because your marketing mechanism came to a halt 3 months before that as you shifted your focus. As a business expands, so does fiscal control and management become vital issues to address.
As an owner, your business is your baby. But your baby needs to grow, and if you are a parent like me, then you understand that by letting go you give yourself and your child a chance to grow. It’s pretty much the same with a business. There is no all-in-one solution. You probably won’t find your ultimate staffing compliment; there will be some teething pains. But all of these things will work out as adjustments are made and as your new team starts to gel and fall into place.
Carefully choose your team. Don’t hire through desperation, hire through inspiration. Hire people who understand accountability more than responsibility. Don’t be afraid to hire a consultant to guide you and for you to bounce ideas off. Let yourself be open to “newness”. Don’t be afraid of “strangers” embracing your business as their own. After a while, once you have found your new business legs, you will see that your life is enriched and your enthusiasm for your business will be renewed with the ability you have to focus on what you enjoy doing - making business happen!
If you find yourself at these cross-roads, visit our website, www.business-plans.co.za , for further information.