7 Things You Might Have to Let Go Of To Take Your Small Business to the Next Level
Many Small Business owners aim to achieve business growth, and there are many factors that make this a challenge.
But, did you know you might be one of them?
That’s right – perhaps it’s time for you to let go of some of your old attitudes to take your business the next step.
This can be hard, but always keep in mind that the way you have worked has helped you get to where you are now, but that doesn’t mean your current work habits are beneficial for you in the next phase of your business.
Here are seven things you might have to let go of to take your Small Business to the next level:
1. Being hands on. A major contributing factor for most people who start a business is that they love what they do. But, a major part of growing your business will most likely be you stepping away from ‘being on the tools’ and taking on more of a strategic role. This means spending more time managing the business, making plans and looking at the bigger picture.
2. Talking often to your favourite clients. Yes, customer relationships are very important, but to go that next step, perhaps you need to spend less time chatting with your favourite customers. You must maintain relationships, but stepping away from the hands-on, day-to-day management of projects will also mean spending less time talking to your favourite clients.
Trust that the other members of your team will maintain the relationships. To grow, your business must get away from being too dependent on you.
3. Being a control freak. This is something many small business owners struggle with. During the start-up phase, the business owner is often the person who has the most knowledge about every aspect of the business.
This can be a great way to get through the early days, as you can often compensate for a lack of resources simply through sheer effort. But this is not a great way to grow a business. There’s little point in getting others involved if you still try to have the same level of control over everything.
4. Being a perfectionist. Most small business owners are very good at what they do, or they wouldn’t consider going out on their own. And this can be a result of being a perfectionist. And chances are, the people you hire to start taking the day-to-day work off your hands will not be quite as good at making your widgets as you are. But, that’s not your job anymore.
You must maintain high standards, but being a perfectionist often means you were working to a higher standard that nobody would notice but you. So, there might be room for just a little slippage without your clients noticing.
5. Working from home. Many small business owners work from home, and it can give great lifestyle benefits. But, will this suit your business expansion plans? There are two key issues to consider:
- You might just need more room than you have in your home office.
- While running a business from home is perfectly acceptable, it immediately conveys that you are small. If you are trying to go the next step, this may not be the image you want to project.
6. Doing things ‘on the fly’. You never know what is going to confront you each day, and flying by the seat of your pants can be great during the start-up phase as you try to establish yourself and take advantage of every opportunity. But once you’re up and running and you have more people who depend on you each day and more moving parts, a more structured approach to each day and business planning is needed.
7. Not bothering too much with the numbers. In the early days, numbers are often not the metric we use, as simply keeping the lights on is a measure of success. But, to get serious about growth, you must understand your numbers – in detail. If you don’t know your numbers well, you won’t know where your business is strong and where it needs some work.
You can spend a lot of time going in the wrong direction because you are simply planning around what you think you need to do rather than carefully analysing and then doing what the numbers tell you to do.
The behaviour that got you to where you are now might not be what you need to go further.
“The opinions expressed by Smallville Contributors are their own, not those of www.smallville.com.au"
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