With owning a small business, there come endless responsibilities. If you are just starting out, you need to balance your time and energy on getting new business and impressing the new business you have already gotten. The process in the beginning is filled with learning; learning what to do, what not to do, what to do a little differently the next time around. You then come to a point where there is a steady rise, business is growing and so is the endless list of "TO DO's".
It is most essential for small business owners to make sure that while in growth mode, you are organized and have a well thought out plan to handle growth. Often times we get so busy trying to get new clients and bring in new business that we often lose a grip on what we initially set out to do.
Here are some tips on how to grow smart:
1. Talk with your peers, pick their brains. When I first started out, I had a handful of peers who were my “go to” pals. Even though they were in a sense my "competitors" they were a great source of information on what worked for them and most importantly, what mistakes they made along the way and how they modified their original plans to compensate.
2. Have a plan. In order to be successful at anything, I am a strong believer in having a plan, having goals and most important, write them down. To see it on paper is a constant reminder that they even exist. Whether your plan is 2 pages or 30, have it handy so you can always go back to it. Make lists and keep those handy too so you can check off what you have finished. There is nothing more satisfying to me than having a list and being able to check off what I have completed, it is a great feeling.
3. If you have a growth plan and you have employees, make sure you tell them what it is. Your employees are your driving force and can get you to where you want to be.
4. Hire an accountant. Many small business owners are great at being creative but when it comes to items such as cash flow and forecasting, they choose not to get bogged down with the financial figures. I cannot express to you enough how important it is to see where you are at on a monthly or quarterly basis. If you are a smart leader who is not a number cruncher, hire someone who is.
As small business owners we need to always be seeking ways to reinvent ourselves, differentiate who we are compared to our competitors. By having a plan, you are able to handle growth and most important be able to handle all that you set out to do initially when you had that little dream of starting your business to begin with. Reach high, be organized and it will all play out a little easier.
