Here’s four key lessons on managing business growth from our Director and digital innovation strategist, Llew Jury.
Hire people that are better & smarter than you to drive your growth.
They’ll drive the company forward better than you as many (good) hands make light work.
It means you can keep having all the good ideas and let the experts run the operations.
Once you’ve hired them make sure you keep developing them and offer leadership development and career pathways that are achievable so they stick around.
Cash is everything.
As you grow you’ll need to master how to manage cash in your business.
Cash is the literal life blood of any business and don’t bother lifting a finger on any marketing or hiring activities until you’ve got your cash sorted.
And even if you have cash in the bank, remember it might be due for payments on tax, wages or pre spent advertising.
So do up cash forecast budgets so you know what’s coming up for payment and you know at any time what your real cash position is.
Have succession at every growth stage.
Start offloading as much as possible as early as possible.
Internally outsourcing tasks from day one will make a huge difference in your long term.
It also grows leadership positions and retention of your key management people that have ambitions from the early days.
Don’t think sensational growth will last forever.
Growth in a business comes and goes and in different seasons.
Learn to save when the season is great and plan for lower growth stages in your business before they happen.
When the going gets tough it’s great to have a fall back option such as a small overdraft, although I’m not one to borrow large sums of money to finance growth.