Growth always brings challenges. The aim is to make that growth as profitable, smooth and stress free as possible.
Anybody can probably grow a business haphazardly, in chaos. Just by putting a lot of time, effort, energy and stress into a business, you could achieve a certain level of growth.
However, by growing in a controlled way, your business can be a pleasure to run, rather than something that runs you ragged.
Too many business owners try to scale up quickly, without mastering some of the basics first.
If you’re in business, I would implore you to focus on these four pillars of business before you focus on growth.
Mastering these areas will mean you have the confidence and skills to grow, as well as making the process a lot easier.
Many of us don’t even set out with clear, concise goals as to what we want to achieve both personally, and in our business life.
If you have clearly written; 10, 5, 3 & 1 year goals for you and your business, then you’re on the right track.
You also need to have a plan as to how you’re going to achieve those goals.
How we invest our time in our business, is as important, if not more important, than how we invest our money.
How much time are you spending working IN your business? Doing to the day-to-day.
How does that compare to working ON your business? ‘Writing the book of your business’.
Once the business is working without you, it will be paying you forever without your input. Therefore, the work you do on your business is so much more valuable. Make sure you are dedicating time each week to work towards this.
I hear far too often from business owners “Nobody else does it as good as me, so I can’t delegate!”
If you carry information in your head about how to deliver your product or service to your customer, then guess who always has to do it? You!
Is it possible to take out the skills, knowledge and expertise you have in your head, and create a system so that all of your team members will deliver it as consistently, and as well as you do?
Consistency is key in business.
The cornerstone of every business. If you’re not a numbers person, get over it, business is a numbers game.
I’m not suggesting you need to be as qualified as an accountant, but you have a responsibility as a business owner to at least know enough about the numbers so that you can make great decisions about the way your business is moving forward.
There are two main elements; budgeting and reporting.
Reporting is looking in the rear view mirror to check where you’ve come from. We do this so we can learn from the past, and to give you confidence about moving forward.
Budgeting is about forecasting; cash flow forecasts and profit & loss forecasts, so you are planning your growth.
The only way to make really good decisions in business, is not with your gut, it’s not with your emotion, it’s with numbers.
By mastering these four elements, you are much more likely to avoid the growing pains associated with business growth.
Now wouldn’t you like to own a growing business that is a stress free pleasure to run?