Growth is inevitable on the success journey but getting your management team to grow simultaneously with the business is also a huge challenge also.
Personally I agree with this article found on the guardian today, what do you think?
– Sam Bailey
Managing growth: ‘Stop interfering and skip the meetings’
Entrepreneurs can often find it hard to change their mindset as the business grows. Here are some tips to make sure you manage your expansion efficiently…
If you start a growth phase in your business it is usually because you’ve done something right. A new product or service has been launched, marketing has been effective, the sales are coming in and you’re delivering efficiently.
This cycle will continue for a while, but as you take on more customers to feed the growth, you will at some point reach the limit of your business capacity. You might run out of human power (over-working leads to mistakes), business resources or the ability to manage operational issues effectively.
At this point you need to stop and think. Quite often this involves you, as the business owner, giving up some of the day-to-day running of the business and hiring a team of experienced ‘heads’.
There are two main reasons for this: it will free up your time to come up with new strategies, products and ideas without having to worry about how the business is operating; and having an experienced management team in place (combined with some of the tips below) is very attractive to investors, and you’ll probably need to get them on board to provide capital to expand.
Pitfalls to avoid
Here are a couple of common pitfalls to try and avoid. Now this is easier said than done and I’m guilty even now, but if you keep them in mind it will help you to find the time to grow your business.
Let managers do their job: When you grow to the point that you need to hire others to help you manage the business you have to resist the temptation to circumvent them by going directly to your employees, or making decisions without involving your new management team. You can no longer behave as the founder who deals with all issues and has a direct line to every employee in the company. If you do, you run the risk of losing your managers and confusing your staff.
Stop interfering and skip the meetings: When you start a business and you’ve done every role in it at some point, it can be very hard to let go of all the details. Us entrepreneurs love to micro-manage to make sure it’s done our way, but it’s important not to interfere and to stop attending every meeting…..(read the full article from The Guardian)