By June 27, 2022
Building your business when the economy is heading down might seem like a bad idea to some. But as I shared recently, you can grow your business even during an economic slowdown. But I wanted to point out a problem I have seen in many companies that grow too quickly: failure to plan for growth. But rather than talk about the negative aspects, today I want to share with you four areas that you need to prepare before you try to grow your business.
The first thing you need to have in place is a strong team culture. Your team culture will help your employees connect with their work, your customers, and each other. Team culture is the combination of your team’s personality, style of work, and goals. As the owner, you set the team culture in your business through how you communicate your vision to your team, how you interact with them every day, and how you manage their work. If your team culture isn’t set, it will be harder to unite your team and you will be more likely to struggle to keep your employees.
Best Practices and Training
A lot of companies that grow too quickly end up sacrificing their training and procedures in order to gain speed. But without proper training procedures and best practices outlined, new employees won’t be able to engage with their work efficiently. Best practices and training guidelines will ensure that your team is doing the job correctly and in sync with the other members of your team. It may take some time to get your training organized, but when you grow you will be able to grow efficiently and not worry about whether everyone is trained correctly.
One of the overlooked areas in growing a business is the technological aspect. Often technology can replace the need to hire some team members. It’s always good to use technology to reduce inefficiency, but it’s even more important during economic crises. But even if you need to hire, you need to consider what technology is necessary to help your team run smoothly. Do you need computers or tools to enable them to work? What technology upgrades will you need to make as your team expands? Including these considerations will help you grow smoothly.
The most important element you need to consider for your business growth is your finances. In order to check the financial health of your business, you need to have your books in order. And having a bookkeeper that tracks your business’s financial health will enable you to make good decisions on when you can afford to hire. And having a bookkeeper’s financial forecast for your business can help you plan your financial decisions to match your income and expenses.
If you want to build a successful business and grow it, without running into problems. You should consider these things and talk to a business coach. A business coach can help you put these things into perspective, and when you have a business coach and bookkeeper who can inform you and guide you, your business is far more likely to succeed.
If you don’t know whether your business is ready for growth but you would like to find out, I would love to speak with you and help you start to find out by looking at your finances.