1.3B Scaling Your Business
Now that you have a thorough comprehension of your characteristics, you will have a clearer understanding of how you are best suited to your own business and how you will interact with your team, clients and suppliers. You should be able to identify your preferred activities according to your personality type, and understand where you need to fill the gaps.
So, are you ready for staff, financially and as a leader?
For some time in the early stages of this business, you are going to be everything and everyone. From mopping the floors to closing deals, you ARE the business. However, this kind of model is not sustainable. I’m guessing that one of the reasons you went it alone was flexibility. While you are acutely aware that as a business owner you’ll be working more hours than you’ve ever worked in your life, you are also in this game, to some extent, so that you can leave the office as needed, pick up your kids from school or take a well-deserved vacay. Also, life happens; if you were to have an accident, fall ill, have a baby or need time out for a family emergency, who would take over the reigns? Being a one-man-band will never provide you with the freedom that you’re craving, or worse, it could all come crashing down.
To create a long-term, sustainable business with real freedom, you have to scale.
So, let’s say the business is growing and it’s time to consider building the team.
- Have you ever managed staff before and how are your people skills?
- Do you know how and when to secure the right team members?
- If you’ve managed staff previously, think about where you may need improvement – be honest with yourself.
Hiring staff is often the largest expense in business. You’ll need to consider salary, superannuation, insurance, taxes, training, space, location, tools, and time. Being highly aware of your own skill set, as we outlined above, will help you to carefully bring the right people on board.
Team members bring a whole different dynamic to the business. Emotions and interaction are likely to be the most difficult hurdles you’ll face throughout your entrepreneurial life, so be prepared to refine your own managerial skills. Strong relationships between colleagues, and between staff and clients and suppliers, will be critical to the success of your business.
You need to be prepared to manage the team with strength, empathy, diplomacy and honesty. Fun, exciting, inspirational, but also difficult conversations will be had. It is important to consistently work with your team to recognise success, reward excellence, encourage change, or make improvements as needed. You’ll need to be diplomatic, pragmatic, and have a good eye for the big picture whilst maintaining a grasp on the daily tasks set to your team. Communication is key. If being a people person overwhelms you, you might do well to hire a General Manager.
- Write down your strengths and weaknesses
- Fill the gaps. Hire as required
- Decide whether you can build this business alone or whether you need a partner
- Cultivate a support team
- Perseverance and patience pays off
- Hone your managerial skills
- Share your why, purpose, vision and values
- Show up, be available and be present