I am a small business getting big — How do I manage my growth?
Many successful small businesses get big without even realising they are no longer a small business. The most important thing is to recognise and accept that you are now bigger and can no longer run the business the way you used to. Then, and only then, can you take the necessary actions to manage your growth:
Many small business owners are great at their own trade, service line or profession but just haven’t had any experience in running a bigger business or managing staff or finances. If that’s the case, it’s necessary to face this head-on by seeking help from experts in the areas where you are lacking. This may include a great accountant who is prepared to help beyond tax and accounting, a practical lawyer, employment specialist or a really useful business coach. Yes, this will cost money, but it’s better that than the consequences of getting it wrong or experiencing total business failure.
There are some great short courses in areas like financial awareness, corporate governance, systems and business planning — and some of these are subsidised by the taxpayer. These can be generic or tailored specifically to your needs, so take a few days away from your business and up-skill yourself in those all-too-important disciplines rather than remain in the dark.