DO NOT STAND IN THE WAY OF YOUR COMPANY’S GROWTH
Running a business requires a lot of you as a founder and owner. You will be an all-in-all who must be knowledgeable, not only in your field, but also in finance, law, sales, business development and more. What should you do to not become a bottleneck that stands in the way of the company’s growth? Read our tips.
THE FOUNDER BECOMES A BRAKE PAD
In the start-up phase, it is natural for the founder to make all important decisions about everything from products, pricing, customers and delivery methods to finances and personnel. But when the company grows, it becomes an unsustainable situation. It becomes too much to do for one person at the same time as the decisions become more complex. When decision-making becomes slower, the entire organisation slows down and customers suffer. If the responsibility is not delegated or shared, the founder becomes his own brake pad. Think about who can relieve you. What parts can and should you delegate? Read more in our handbook for companies that want to grow healthily.
DEFINE AREAS OF RESPONSIBILITY
In a small organisation, everyone has to roll up their sleeves and pull in where needed. As the company, the customer portfolio and the product range grow, the complexity and requirements within different areas of responsibility increase. Be sure to define who is responsible for what, at least in terms of the critical parts of the company. If no one feels responsible, there is rarely anyone who takes responsibility. The risk is that customers and deliveries will suffer.
A WINNING TEAM
Some employees can develop in step with increased demands and changing conditions, others have more difficulty adapting. It is also easy to feel loyalty with people who have been with the company for a long time or to hire the “neighbour's boy” because it feels easy. But as conditions change, you need to be able to make objective, and sometimes tough, decisions. Think about whether you have the right people in the right place to take the next step. What development can and should you offer existing staff? Dare to make adjustments and any cuts if the economy requires it. And most importantly, remember to give feedback and to praise your employees. Good mood spreads quickly and gives many positive effects.
Also, do not forget about yourself and your own development. Participate in networks, seminars and other skills development that enable you to develop in your leadership and take your company to the next level. Read our tips for an expansion of the company besteconstuition.
SOMEONE YOU TRUST — MENTOR SHIP
A smaller company may not need a board in the first instance. What you need, however, is someone with whom you can brainstorm ideas and tough questions. Get yourself a mentor, someone you trust and who wants you and your company well. Think about who or who this person can be, there can of course be several people. It can also very well be a network, start-up companies or the like. Feel free to offer that you yourself can take on a mentor ship to share and at the same time have the opportunity to exchange experiences between each other. Do you sell at a distance? Read our recipes for success.
DO NOT LOSE FOCUS ON CUSTOMERS AND CUSTOMER VALUE
As an entrepreneur, it is very easy to get caught up in administrative tasks, recruitments, local issues and the like. At the same time, you lose focus on what you are best at, and what made you start your business, namely to make a difference for your customers. The sooner you make sure you get your focus back on the right things, the better you and your customers will feel. Review your processes and streamline where possible by purchasing services and outsourcing. Take help from others’ skills and experience. Find more material for you as an entrepreneur in our knowledge bank Econs tuition Thanks for read.
