A short while ago, we considered what it takes for you and your company to be among the 10% of start-ups that succeed past the first year. These have been some of the best received of the blog’s series, and I have a little more to say on the topic, so let’s dive back in!
Time To Grow
A major factor of the company’s business plan should be its growth. It needs to be the right kind of growth – not too much and not to little. Growth can be tricky because it needs to be justified and proper funding is necessary. You’ll bankrupt yourself if you hire 20 workers right after opening shop. In my experience, hiring should happen gradually, and, kill me because I hate the word, but, organically, and is initially done in the form of freelancers and interns.
Your growth should be an indication that there’s work to be done and clients to be satisfied. This should put investors at ease and instill more confidence in you and the business’ direction.
The other ideal time is whenever there’s a boatload of work. The idea that a company “not growing is shrinking” has some merit, but shouldn’t always be the standard to which you hold yourself. You’re a small business entrepreneur, and to thrive in the market you need to keep realistic goals about personnel.
Work On The Business
You know what you want your business to achieve. As the owner(s), you should know exactly how to achieve it. You should know how to perform every function – the CEO should be ready, willing and able to take on the role of the janitor, if necessary. Stop texting and get your hands dirty.
Take pride in everything you do for your company. Small company owners likely wear two or three hats. Own it. Even the boring stuff. This ensures that your vision permeates each area of the business in the beginning so that when you do grow and new employees come aboard, they’re doing things according to protocol and feeding off your energy.
“It’s not my job” or “it’s not my department,” should never be uttered by an owner in the early days of any business. If you don’t know how to do something and it’s critical to your business in the early days – things like coding, how to set up the email accounts – sit with the person or executive who does, and learn.
When you think like an owner, but act like a worker, everyone benefits – from your employees to your clients.
Contact Brinen & Associates to discuss more strategies to ensure your small business’ success.