Growth is a topic on the minds of most entrepreneurs. Bigger isn’t always better, however. Growth needs to be profitable in order for a company to be successful. And being a big company isn’t necessarily the right goal for every entrepreneur.
1. Know your vision and follow it. Sure, it sounds basic. But many business owners are vague on exactly where they want their companies to go. Ask their missions, and they respond, “To be the best salon,” or “To offer our clients a special experience.” Develop a detailed vision, and then decide what path you need to take to achieve it.
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2. Understand the numbers. Numbers may not be the most glamorous part of being a business owner. The truth is that you won’t know if you’re on track to profitability if you don’t know where you stand financially. Even if you have a bookkeeper or financial officer, understand what the numbers mean – both now and in the future. How else will you know if you can afford to achieve your vision?
3. Hire people as passionate as you are. Hard skills are relatively easy to teach, but your staff either shares passion for your vision, or they don’t. And if your staff doesn’t understand where the company is going and where they fit in, well, why not? It’s your job to communicate goals and to spark that fire in each employee. Don’t hire people who are content with the status quo. Look for people who can share your dreams and help you achieve them. Don’t forget to reward them along the way.
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4. Know what kind of sacrifices you are willing to make. Every business requires sacrifice. Be aware of which ones you’re willing to undertake. It’s OK if you don’t want to give up all your free time or invest every penny in the business. There’s not one right way to grow. Just be honest with yourself.
5. Plan for profitable growth. You won’t grow profitably if you don’t plan for it. How will your expenses change as you grow? Will you need more staff? A larger space? More equipment? Put it all on paper and see how it fits in with your vision. If it doesn’t, rework the plan.
Wanting to grow is a natural part of being an entrepreneur. Being the biggest isn’t the only goal. Make sure that your long-term goals are realistic and fit in with your values and overall life plan. While your business can be all-consuming at times, it is just one part of the puzzle that helps you form a balanced life.
