Sales are up, your popularity is climbing and the dollar signs are filling your eyes. You have reached a precipice in your business life that can either slingshot you into wealth or send you and your mini empire tumbling down the mountain. Be aware of these five things growing businesses face.
One: Who owns this place, anyway?
It’s not time to coast just yet. Do you think there is any way that someone who is not as invested as you that will care about that business like you, the owner? What I’m saying is you can let go of the ropes a little bit, but be still a presence. Be a person not just a name. Let your employees see the care you have for your business and they will share in it.
Two: What happened to all the good employees?
The owner’s slice of the pie should always be the biggest, right? Maybe have just a little patience. Picture this: sales are through the roof, your team has been working long hours and they notice that the business is making money. The owner goes from driving an old beater to driving a brand new shiny 4×4, life for owner is getting good. Listen, I’m not saying everyone should get a new car but in order to keep everyone happy, share the financial success. Your people are your most valuable investment!
Three: Who’s going to train the new people…? I mean you are hiring more people, right?
Refer back to #2. Remember your best employee who got frustrated and quit because he never got a raise or a bonus after all the work he dedicated to help you grow your business? Well, he would have been the person training the new guy but now, if you want it done right, you have to do it yourself.
Four: “We’ve never had that problem in the past?”
Expect some new challenges. Every part of your supply chain is now under more stress than ever, pay attention to what areas need the most help and find a solution within 24 hrs. You may have to get your hands dirty.
Five: Make sure you’re insured!
Bigger business means more liability. Should you have any concrete issues or concrete repair needs, companies like Mara Restoration, Inc. can help find a remedy.
Always remember, the quality of your employee = the quality of your product. Be the owner you would want to have!
