As one person you can only do a limited amount, especially when you are juggling multiple roles on both the home and business front. To grow easily and efficiently and save yourself time and stress, look for tasks you can outsource.
Build a strong, trusted team of people to whom you can delegate tasks, whether they are employees, contractors, alliances or businesses you have engaged. Also look to build a team of experts that will help you take your business to the next level.
When you are growing it’s important to not let the fear of a task not being done to your standard or timeframe rule you. While you can do anything; you can’t do everything. Instead focus on finding quality people and on what you will gain by having a team to outsource work to – more time, faster growth and less stress.
When your sales increase and more money is coming in it can be easy to become complacent with your cashflow management. Though when you are going through a growth phase, managing your finances closely is even more critical.
Business growth often involves outlaying more money in supplies, staffing/outsourcing, technology, resources, expert advice and business development, and often you need to do it before invoices are paid and money is received.
By failing to manage your cashflow properly you can end up with less than you need and limit your ability to grow effectively or altogether. Develop a growth plan and budget, manage your expenses to ensure your profit margins stay the same and explore funding options, if needed, to cover any shortfalls.
Business growth requires more from you as a business owner too. You need more knowledge, more skills and more resources available to make more informed decisions and manage your growth effectively.
When it comes to your personal and professional growth, adopt an attitude of continual and never-ending improvement. Read books, attend seminars and workshops, sign up to newsletters and webinars. Learn from those who have gone before you and what worked and didn’t work for them.
A little foresight and a lot of planning can go a long way in managing your business growth effectively. Though if you do start to feel overwhelmed and out of control while you are growing, never be afraid to slow your growth to put the proper systems and procedures in place and get the additional help you need.
Amanda is the founder of Velocity Media and Communications.
