As the year comes to a close, many small businesses are looking at trends and planning for the year ahead. Some fortunate companies will have to deal with growing pains. Business boomed last year and now your baby no longer fits into the structure that worked like a charm for you previously. Take note. Here are some of our favorite tips to help you know when it’s time to grow:
You and your employees are constantly playing catch-up despite efforts to work more efficiently. It’s a blessing, but you have projects backing up and you cannot accommodate any more and still get the work out on time. You have two options: require more hours at work or bring in more help. Unfortunately, cloning yourself and your staff is not an option at this time.
Do you have the funds for it? In an article for Inc. magazine, Marla Tabaka recommends using this formula to determine when and how you can afford more help:
- List all resources that help increase revenue including new clients, new markets, upselling, etc.
- How much revenue could you bring in and how much time would it take if you focused 10-20 hours a week solely on sales and marketing?
- What are your most time-consuming tasks and how many hours do they require to complete? Separate them into categories such as “administrative, bookkeeping and technicians work”.
- How much can you afford to pay to outsource your most time-consuming tasks?
Learn to think
big HUGE! In an Entrepreneur.com article, Robert Kiyosaki, author of the Rich Dad series, recommends increasing your leadership skills and seeking advice from only those who have grown a business successfully. Learning to spot strengths and weaknesses in every situation will pay out big in the long run.