As interesting as the entrepreneurial journey seems, only a few (brave) brands endure the growing pains and get to reap its much-praised benefits. In fact, that’s the one thing both multinationals and a small businesses have in common— the challenge that comes with expansion.
But regardless of the size of your business, there are tips you can follow to ease the pains associated with pushing it to the next level. Let’s dive right in;
1. Learn to say NO
One useful but often overlooked trait you should possess as an entrepreneur is the preparedness to say NO when it’s obvious you should. As a human, strive to fight the inborn desire to satisfy others, especially at your expense (or your business’ in this case).
2. Cut down costs and establish a favorable environment
With growth comes extra expenses. So as soon as your startup starts growing, find ways to reduce cost and create a favorable working environment that keenly looks into operating expenses as well as profit margins.
You won’t find it easy to make changes when things are already in place and working, but trimming costs is a must-do if you are looking to enjoy long-term growth.
3. Inform and explain changes to customers— staff should also help with this
While all changes you make may be for the good of your customers, failing to update clients is a shortcoming as some customers do not gladly accept changes if left in the dark. For that reason, make sure you (and your staff) communicate and give reasons for making a change that might not be understood or viewed as a negative by customers.
4. Come up with a clear vision
Growth calls for a focused vision so you don’t stray. This vision should represent a common agreement among all the parties involved in the expansion process and if possible, be written clearly to stick in everyone’s mind. At this point, you declare what your business stands for, what you intend to achieve and why attaining it matters.
5. Distribution Of Tasks/duties
As an entrepreneur, you feel safer when in control of your business. Not to be bossy, it’s just a natural feeling. But while control is essential for the initial stages, a time comes when you must delegate duties or put your business in jeopardy due to delays.
Handing over responsibilities may seem uncomfortable. But it’s a necessary transition from doing everything on your own to letting those you can trust perform useful tasks and duties. Besides, it’s a great way to make sure more tasks are accomplished in less time.
What other challenge do you think we’ve missed? Kindly share via the comment box.
