A Simple Guide to Managing Your Growth
By Tyler Olson, CPA, Owner, Tyler James Advisory
You have done it. You started your business and are getting some traction, in addition to revenue. Now what? Managing your business growth is essential to ensure your business grows with your mission and values, and continues to see further success. By choosing core values that align with you and your company's mission, hiring the right people, fine-tuning your offering, and partnering with the right professionals, your business will continue to grow and thrive.
Decide Your Core Values
Core values align your business's goal with its values. Core values set the foundation for how your company does business and beyond. They allow your company to seek a mission that is both profitable and admirable. As your company grows, these core values should remain in every aspect of your business and ensure your company is growing in the way you initially intended.
Deciding on your core values should be specific to your business and objectives. Pick core values that inspire you and your team to be their best, every day, and work hard to grow the company, while helping others and the community. Below are several examples of core values, but there are limitless options when it comes to choosing the right one for your company. These should not be taken lightly and should be adopted and preached every day.
Innovation
Positivity
Respect
Community
Excellence
Continuous Learning
Commitment to Customers
Diversity
Hire the Right People
Getting the right people on the ship is crucial to your business. You want the people who have a passion for your industry, not just your brother's high school best friend, who is available. Properly vetting and interviewing candidates to ensure that leadership positions down to the cleaning staff are clear on your mission and have the experience to help you achieve your goals.
Once you have people that don't want to be there or don't have the work ethic to be there, a negative mentality will ripple through your company. Once this starts, it is challenging to reverse. The negative mindset and work ethic become challenging to get rid of and bring down the company's mission and core values. Ensuring you are hiring the right people can be the difference between a 100 million dollar business and a bankrupt one.
Fine Tune Your Product/Service Offering
Now that you are starting to grow and understand your business, you can fine-tune what's selling and make it better, and get rid of the products and services that are less successful. Finding what your company is best at and honing in on those products and services will allow you to become the best at what you do. Addressing this will set you apart from the competition and get rid of the other distractions that your company isn't best at. Trying to focus on too many things can lead to failing at all of them, even if you are excellent at some of them. Focus on what you do best, and you will be successful!
The biggest mistake I see in growing companies is trying to do everything at once. When this happens, roadblocks occur, and money is lost. Having a focus and knowing what your business is best at will lead you to prosper. Anything else will leave your customers confused by the options and angry that the best one is no longer as good because time is being spent elsewhere.
Partner With The Right People
Protecting your business by partnering with the right people is critical. Safeguarding your business includes having the right CPA who understands your industry and can help you know your financials, plan your taxes, and be a business partner. Having the appropriate lawyer will help you navigate the complexities of the business world while protecting yourself, your employees, and your business. Finally, having the right insurance adviser to ensure you are appropriately protected if something does happen can save you and your business from disaster. No one person can know all these complex aspects of a business. Let several professionals give you peace of mind and allow you to focus on your business and its growth. This is something you will not regret when an unfortunate event happens, and you find yourself protected and covered.
Conclusion
Having a growing business can be exciting, stressful, and rewarding. Managing your growth properly to ensure your company grows in the way you imagined can be a challenge. Following these tips can help you maintain your growing business and protect you from any unforeseen events or challenges in your future. Be smart. Work hard. Keep growing!
Disclaimer: This blog is written for pure discussion and general information. It should not be used as legal or tax advice. This blog is not a substitute for consulting with legal counsel or your CPA.