Challenges of moving from successful start-up to high growth business

24/10/2017 — Cédric Bird

So, you’ve taken your great idea and through hard work, perseverance and many long hours you now have your own business which is trading successfully and providing you with a reasonable standard of living. Your customer base is growing and they are asking you to do more, but there are no more hours in the day so how can you possibly take on more?

It’s likely that the model you used to start the business will not be the one that allows you to grow and deliver on the opportunities that you have worked so hard to develop. At this stage the biggest danger is to do more and more with the same business model and risk creating future operational and cashflow problems. Equally concerning is pressure this level of activity can put on your service delivery as well as your physical and mental wellbeing.

One thing you can do is to undertake a detailed review of your operations and processes to see where you can create capacity to grow. By taking time to think about your business growth journey so far you can prepare for the future with much greater insight. In addition, this planning will assist any future investors or partners because you will be able to clearly demonstrate you are ready for growth.

At Jersey Business, we have worked with various established businesses and, through a detailed productivity audit, have helped them look at how they operate and how they can evolve their model to meet future requirements.

One crucial issue to address at this stage, which is rarely discussed, is that you can no longer build a business when you lead on nearly every aspect of the operation. You need to develop, and empower your team. Easy when you know they are better at certain skills than you, but not so easy when you’re the expert, but don’t have the bandwidth to take on more.

This is the time where you need to become a leader because growth businesses above all else need high quality leaders.

The best leaders understand their strengths but equally their weaknesses and build a team to complement and support them. Good employees want to feel empowered but still supported so smart delegation matters because, if you become a micro manager your growth will be much slower. Building the right team with the best talent is the key requirement to take your business to the next stage

Jersey Business can help you revise your plan for growth and focus on operational efficiencies, but it will always be up to you and your leadership skills to build a successful team so do contact us for an appointment..

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