Growing your business is exciting when it’s all going well – It’s absolute torture when it isn't.
Then what makes the difference?
Our ability to focus on and consistently make decisions that link the following challenges into a coherent strategy and build the right foundation.
1) HIRING THE RIGHT PEOPLE: As the company grows the first thing that every business owner needs is another person.
·Done right, we’ve identified the need, the person we’re looking for, and began the process in a timely manner.
·Done wrong, we’ve waited too long, put too much on our plates and now need to just get a “warm body.”
2) BUILDING & MAINTAINING THE RIGHT CULTURE: As soon as we’ve hired the right person, we’ve begun the process of designing our culture (either by design…or by accident).
·Done right, we’ve identified, communicated, and designed systems that support the values and behaviors we want.
·Done wrong, we are inconsistent in our messaging or often overlook counterculture behaviors due to our functional dependence on the people we’ve hired or the money they are bringing in.
Most of the critical challenges that our business will face throughout its life BEGIN RIGHT HERE.
3) MANAGING COMPLEXITY: as the business grows, so does its complexity.
·Done right, we’ve built systems that are realistic and keep our people happy and engaged.
·Done wrong, we're inconsistent in implementation and are demotivating our people on a regular basis.
This is the DOWNWARD SPIRAL that leads to torture for both owners and employees.
4) UNDERSTANDING AND CONTROLLING OUR FINANCES - when we don't know our numbers, we can't match our growth to our ability to spend.
·Done right, we've found the right balance between growth and PROFITABILITY.
·Done wrong, we've grown our expenses beyond our ability to bring in the cash to support the needs of the business.
This is where the downward spiral ENDS for the 50% of business starts that don't make it past their second year.
***EVERY business owner that transitions from a single-owner shop to becoming an employer will face the same challenges.***
So, what is it that makes the difference between rewarding and torture?
Not every business designs their growth from the right plan and builds the right foundation.