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How to Handle Rapid Growth of Your Small Business!

Your business is growing and your profits have increased – that’s good, right? I mean everyone is telling you that it’s a good thing and I agree it IS a good thing! You have a successful business. You did it! You put your heart and soul into your company and succeeded! That’s an amazing accomplishment.

Now how are you feeling? Are you riding high and enjoying life? Or are you struggling to keep your head above water? Do you have time to sit back and relax or are you being pulled in a million different directions?

If you are struggling to keep up then keep reading.

You have experienced rapid growth within your business. Again, this is generally a great thing to occur. But let’s get control of this growth before it becomes detrimental to you and your company.

Understand Why it Grew

The first thing you need to do is to find out where this growth is coming from? Did you go viral? Is it a one time surge or is it sustainable flow? Look into the reason why your business experienced this growth and dig into this.

Create a Plan

Once you understand why it grew, take time to create a plan. Do you need to hire additional employees or even a freelancer to step in? Is the growth keeping in line with your vision for your business or is now the time to adjust the vision? Do you want to cut out services you do not like to provide and focus on the ones you enjoy?

Understand your Financing

Make sure that the increase in business actually equals an increase in profits too. Analyze your operating costs and determine what your working capital is. Are you making a profit? Can you afford to hire an employee? Take the time to iron out these details either on your own or with a financial expert. While you have the details in front of you, don’t forget to create a forecast for your future too!

Streamline the Process

Do you recognize any parts of the process that could be easier? Maybe you receive a phone call with the same questions over and over again. Maybe there is a part of the process that is streamlined and tasks that could be eliminated. Reduce what you can without sacrificing your values and the quality of the product. Once you get through this process you will free up additional time and understand who you need by your side to assist you in further developing your business.

Hire Help

Time to hire someone to help you manage your business operations so you can focus on what you do best! Who would be the best fit for your company? What kind of help do you need? Do you need someone to handle customer service? The production? Overall operations? Take the time to determine who would be needed to alleviate this pressure and start the process asap!

As I said earlier, business growth is awesome! Working 60+ hours and still feeling like you are drowning in your business is not awesome. Utilizing the above suggestions to reorganize your business needs will help you adapt to the rapid growth and allow you to continue to build a successful company.

If you still feel stuck and unsure how to move forward, reach out to me now and I can provide a free consultation to review the steps you need to take to reduce your business load and successfully continue to grow your business.

As an Online Business Manager that specializes in small business growth and development, this is my favorite type of business to step into and organize. Let me help you continue to build your dreams.

Have Questions about your business growth? Let’s Chat!

What Makes Good Managers Great?

Anyone can say they are a manager – but what makes them a good manager? Or even better – what makes a good manager great?

What makes them a valuable asset to your team? How would you judge who is a great manager and who is not? Is it based on years of experience or education?

Let’s dive into attributes that make some manager bad and good managers great.

Why Business Owners Should Say Yes More Often

Recently, I have been saying the word YES to a lot of different things. Things that if I wasn’t the owner of my own business that I would otherwise say no to. Things that frighten me and take me out of my comfort zone.

Being the owner of your own small business means that you have to take on the responsibilities of growing and developing your business.

Saying yes can open up many opportunities that you otherwise wouldn’t have. According to Forbes, “Saying yes means that you’re open to moving past your comfort zone and embracing a new challenge. By saying yes, you naturally adopt a growth mindset, leading with your curiosity.”

SO……

Quick Tips for Onboarding New Employees

Think back to an old position where you were once a new employee, or even think to when you started at the current company you are at now. What was the process like for you? Do you recall positive aspects? Do you recall the parts you hated?

Most of my previous experience included a rushed tour of the office, lots of annoying paperwork to review, fill out, and sign in a room by myself. I would inevitably lose whoever was supposed to be training me and wander around looking for help. Sometimes it would include a few weeks of classes to get us up to speed on how to use their software systems. Occasionally, I have just been thrown into the wolves with a “figure it out yourself” situation.

Have you had a similar experience? Did it make you question if you made the right choice when you accepted the position?

Is It Time To Hire An Online Business Manager?

I recently read an article from Small Biz Trends that reviewed a list of issues that plague most small businesses, such as providing employee healthcare, government regulations, federal income taxes, and of course, the hard to predict economy – especially during the pandemic.

It had me wondering about all the issues related to small businesses, more specifically, if small business owners knew when to ask for help to manage these issues.

A common problem with start ups and entrepreneurs is the difficulty of knowing when to give up control of the daily operations. While it is an understandable reaction – after all you started and have continued to build your business all on your own.

Not knowing when to give up control of the daily operations can actually become detrimental to the company’s ability to grow.

Knowing when to hire and build your team is an important part of being a good leader and can be the difference in a company’s overall success or failure.

Do You Have Founder’s Fatigue?

It’s not abnormal to face challenges when owning a small business. Whether you have issues launching a new product, have a problem reaching your target market, or maybe you are overloaded with constant emails and feeling overwhelmed. They’re are so many little complications that can arise no matter how organized or experienced you are.

Issues Small Businesses Owners Face That Can Be Easily Fixed

One of the many reasons you may have started your own company is you are hoping to have more free time. Unfortunately – or maybe because your business is doing so well fortunately – you end up working more hours than you ever had while working under someone else.

Of course, it is known that there are many challenges when owning a small business. From dealing with clients, hiring, training, and managing your employees, networking, marketing, answering phone calls and emails, not to mention daily administration duties, then add the service or product you still need to provide. All of these combined can cause an overwhelming amount of pressure and stress that one may not have initially planned for when starting a company.

EXAMPLES OF SHORT-TERM AND LONG-TERM BUSINESS GOALS FOR 2022!

Tis the season to focus on your goals. In the novel, The Christmas Carol by Charles Dickens, the main character, Ebenezer Scrooge, is forced to take a look at different parts of his life to determine the right path for his future in both his professional and personal life. If you have read this book or even seen the play or movie, you will notice that although he was already successful within his business, this came at the cost of his values and ethics of both himself and his employees. As we learned within the novel, his company (and he) would not continue to survive if he did not make the necessary changes.

Just like Ebenezer Scrooge was made to take a deeper look at his company, now is the time for you to look at your business’s past, present, and future goals. If you’re not sure where to start, take a look at my previous blog New Year New Business Goals for 2022. This will help you understand what you need to look for when reviewing your 2021 Business Plan and use this information to develop the best goals for your company in the new year.

How are you supposed to know what goals your business should have? To help, I have come up with a list of both short-term and long-term company goals for the 2022 business year.

NEW YEAR NEW BUSINESS GOALS FOR 2022

If you haven’t done so, now is the time to ask yourself, what can I do to create a better business practice for my company in 2022? With the New Year only a few weeks away, many businesses will take this time to “reset” their companies needs and future goals. If you haven’t started this process, go ahead and build time into your schedule to get it done before January hits.

Why Should You Shop Local During this Holiday Season?

With Thanksgiving just a week away, many households will quickly shift their spotlight from turkeys and stuffing to shopping in a matter of hours. Stores are already offering their Black Friday deals and have been stocking up on the season’s most wanted items. While it is easy to get carried away focusing on the big box store deals on Black Friday, don’t forget to save your money to support your local stores on Small Business Saturday.

Did you know that Small Business Saturday was started by American Express in 2010. They wanted a way to help local businesses thrive in the midst of the recession and encourage shoppers to get out and support the small shops within their own town. Since then this movement has grown nationwide, and according to the Small Business Administration (SBA), people had spent over $20 billion dollars during last year’s event. So, why should you shop local this season? Read on to find out.