 Small Business - Challenges in Growth
By Anne Dranitsaris, Business Coach &
Psychotherapist
Most small business owners start out as sole proprietors with a great idea that they build
a business around. The focus quickly moves to making the business profitable, or at the
very least, keeping one’s head above water before personal financing runs out. There
is often no clear distinction between the business and the person running it as we
struggle to breathe life into our venture.
Because so much time and energy is invested into surviving the first
few years, we often do not have time, or take the time, to put in place the necessary
structure to ensure that the business becomes an entity separate from the owner. “I
have to do it all because it is my business...” is the type of thinking that
ultimately leads to an inability to grow beyond a certain level. For example, it stops the
accountant from hiring an office manager so that they can take on more clients or a
caterer from hiring a marketing firm to gain more public awareness. It reduces the number
of hours that the business owner has to actually generate income and do what they excel
at.
Creating the circumstances for your business to grow requires the
following:
•Business Plan and Strategy - A plan
helps you focus on where your company is, where it’s going, why and how you're doing
along the way. Defining the strategy will help you with the steps that are required for
you to get there.
•Marketing Plan - A marketing plan
creates the kind of attention you need to get in front of the right types of people,
companies, etc. It is what attracts people to you! There are many ways to market your
business at no or low cost.
•Support System - It is important to have a
network of people who have similar, related, non-competitive, successful businesses that
you can turn to for support and advice. They can provide an excellent resource and may
supply introductions and endorsements to others for you.
•Financial Plan - During the excitement
of starting a business, it’s easy to overlook the gap between making the first few
sales and banking the money. Without some cash reserve, many companies may stall or even
fail without any planned cash flow coming in. You also need to know where you stand on a
regular basis, with regard to income versus expenses. Having a system where you record the
appropriate key data allows you to quickly analyze the information and make adjustments
where necessary.
•Investment in Your Employees -
Motivating, coaching, and managing your staff is probably one of your toughest challenges
as small business owner. Without your patience, persistence and ‘people skills’,
your problems can multiply quickly. Morale, productivity and employee confidence can
easily be destroyed.
•Don’t be a Lone Ranger - You might
be the key to everything, but you can’t do everything and grow at the same time. Even
modest success can overwhelm you unless you do the following: hire the right staff and
delegate responsibility, work with a business coach or mentor, and know your unique
talents and abilities, and spend the majority of your time doing only that! Delegate
everything except your genius!
•Self Awareness and Emotional Intelligence -
Know when you are the obstacle that is getting in the way of the growth of your business.
Understanding your fears and working to break
through personal barriers by
challenging self-limiting beliefs and behaviors, will help you achieve both
personal and business success.
Anne Dranitsaris is Strategic Business Coach and
Psychotherapist.
She has more than 20 years experience in business, leadership & personal development.
For more information, Anne may be contacted at 905.509.7790 or email her at adranitsaris@psychotherapyservices.ca
|
