Some Errors to Avoid When Growing Your Company
You have finally managed to establish your business. You have loyal customers who provide you with regular cashflow. Your product line is clearly defined at last. You have a team that you can trust, and is as committed to the business as you. You are seeing healthy and stable profits throughout the year. Not only this, but you can finally pay yourself a salary. You feel that it is now time to grow your business. You want to expand into new markets, hire new people, and get that fancy new office in the prestigious location that you have always coveted. Before you do any of this, you need to consider some common mistakes that people make when they try to grow their company.
Hire Quick and Fire Slow
While when you grow your business you will be going on a hiring spree, there is something that you might forget. This is particularly important to consider, given that it is likely that the people that you will have had in your organization up until this point will probably have been there from the very beginning, and if not, that you have not had to have had to get rid of any employees. In your enthusiasm, your standards for hiring might lower, too. The problem is that not everybody will be fully suitable for your company. Even after you discover this fact, you might be reluctant to let people go. This is a big mistake, and you would be shooting yourself in the foot by doing this. You need to totally ruthless in this respect. Maintain your hiring standards. You built a successful business by being careful about who you were hiring in the first place. You should not forget this. Not only this,m but you need to shed people from your organization as soon as your realize that they are not suitable.
Keep Making all of the Decisions
This was quite easy when you had a small team, a single store, or a single office. This will not be possible as your business grows. You will need to delegate. As a result, you will need to change the way that your business is organized in order to allow for others to make decisions for you. This goes back to the first point of hiring the right people and firing the wrong ones.