One thing you can be sure of when starting a new business, is there are bound to be steep learning curves and un-predicted bumps in the road. This is natural and if you are smart you will use these as lessons, allowing you to improve and grow.
To help you push your business through these challenges or ‘growing pains’, we have compiled a list below of the most common ones and tips on how to handle them. The more knowledge you arm yourself with will allow you to face these challenges and blast through them, continuing you on up the business success ladder.
Feeling Financial Constraints
Taking your business to the next level usually means extra investment and risk. Without this you may not be able to move things on and run the risk of staying stagnant at the same level. Take a long, hard look at your profit margins and expenses to see what can be improved and where you need to make changes. If you still need extra finances take a look at a business finance support scheme, that may offer you a grant or extra funds.
Undefined Roles as the Business Progresses
A growing business means employees responsibilities will grow and if you don’t keep an eye on these issues can arise. Lack of clarity for each role may mean tasks get missed, as some employees may have the ‘why should I do the extra work’ mentality. Think about having a quarterly check on each job role making sure all new tasks get assigned to someone and they are fully aware that it’s their responsibility. Having a role checklist employees can refer back to can avoid confusion.
Lack of Communication of Changing Goals/Strategy
It’s inevitable that as a business grows its goals and strategy may change with it. This is all fine and good but change needs to be communicated to the team for it to be effective. Regular team meetings are a great way to keep everyone updated on the company direction and how the team is expected to work with this.
Not Following Up With New Plans
Planning and strategy is essential for growth, but if plans are made with no follow up the company is unlikely to move forward. Make sure your plans are realistic and set firm action points with appointed persons to follow things up. If necessary set up training with your team, so they are fully aware on how to action new plans.
The Team Becomes Un-motivated
Having an inspired, focused and driven team around you is essential for your business growth. Without this you are likely to tread water or even worse – lose your business entirely. Don’t underestimate the power of keeping a happy team around you – you need them as much as they need you.
Make sure you give regular rewards and recognise hard work. Team days/nights out or a bonus can be just what is needed to show your employees how appreciated they are.
If any of the above is familiar do not panic – you are not alone! Stay focused, communicate with your team and learn from the ‘growing pains’ and your business will fly over the bumps and onto continued success.