Regardless of whether a business is seeking to satisfy a major increase in demand, or strengthen its competitive position, growth is a vital step in the development of any business. From hiring employees and increasing office space to increasing production, expanding services or extending product lines there is a lot to consider. Growing your business requires you to take a bit of a leap. Look for these signs before you look to grow your business:
1. You are being approached by potential clients
When you find that you are receiving request and inquires from customers and clients, this is usually a sign that you are in a position where growth is possible. Your brand has now gained just the right amount of exposure to for growth to take place.
2. Your team is strong and ready to grow
It is vital to know if your company has the right staff in place for growth to be possible. Valuable leaders are important however, having a strong team of employees who are experts at what they do and are committed to your business, is crucial in the growth phase.
3. You have the necessary funds for growth
Knowing your sales cycle and what income you can expect on a regular basis will ensure that you do not experience a shortage in cash flow during growth. It is important to know this as you will not be able to successfully grow if your sales do not match with your income. Measure this before you grow.
4. You are personally ready to grow
Are you ready for the commitment that comes with growing a business? If you are not prepared, business growth can have affect your personal well being as well as your family and daily life.Your business may be ready for growth but it can only be successful if you are ready for it. Experts say business owners should assume a 12 month adjustment period to achieve normal balance in the business after a growth spurt.
5. You have realistic expectations
Know what your business can handle. It may be difficult to not get carried away if you’ve mastered a particular market or excelled in a specific area. You may think you have everything you need to do exactly this all over again but be realistic in what you hope to achieve and what you can handle. Consider the economic benefits, your existing infrastructure and current resources to evaluate if you will be trying to take on too much at once.
6. You have met and continue to meet set goals
Stop making excuses for failed goals and instead find alternate ways to meet them. Doing this will encourage confidence throughout all levels of your business and help overall growth in the long run.
If your business is growing, you’re doing something right. It’s also important to understand that growth is a disruptive force. A period of substantial growth will influence every single aspect of your company, which is why you need to adopt a strategic mindset.
It is impossible for both the owner of a large corporation or a small business, to be everywhere at once. Keeping track of business functions including payroll, inventory, managing staff, business planning and analysis cannot be done by one person alone. According to recent industry stats, 70% of individuals in leadership roles are uncomfortable transferring their responsibility to a subordinate and less than 30% of companies today provide training to enhance the leader’s delegation techniques.
As you begin your business, taking on all of the tasks may be a reality however as you grow, you will have less time to spend on things that need your attention. Spreading yourself too thin and trying to have your efforts in every area of the business will not serve you well and you will be risking the true potential of the business.
At this point delegation, or distribution of responsibilities to employees, is needed. Delegating work allows you to offload responsibilities to employees and allows you to focus on larger business matters. Here are a few reasons why I believe delegation is important in any business:
1. Expands the capabilities of the company
Delegation creates a chance to progress and grow the company. Through delegating, you can develop new divisions or departments of the company. New divisions and department can create new positions allowing those that are qualified to move up and advance their career in your business. As this happens your business will grow in all directions.
2. Frees up the leader to address higher value activities
By delegating tasks to employees, you as the owner, are able to attend to critical business functions and address areas that matter the most. Some of these may involve future planning of the business, developing your business strategy and analyzing your performance. By putting delegation practices in place, the business as a whole will grow and efficiency within the organization will improve.
3. More responsibility for employees means overall business growth
Delegation helps not only the manager or owner of the company keep good business order but also helps employees to feel important and responsible for their own actions and responsibilities. Having employees responsible for their own tasks gives them a sense of purpose and drives them to perform at their best, as it is their name on the line. Giving them a sense of entitlement allows your business to flourish as this applies to all levels of staff. Delegating tasks to employees is a great way to motivate the team and keep them moving up in your business.
Retaining quality employees allows for successful business. Delegating and allowing employees to take on more responsibility allows them the opportunity to develop and grow in their career and it allows you as the owner to put your efforts where they matter most – growing your business.