How To Recognise Business Growth Pains
For an business owner, when the business comes together and you witness it growing, it can feel like a great sense of achievement. However, every story of success includes countless little bumps encountered along the way. For a business to flourish and expand to its optimum potential requires several bouts of sacrifice, pain, and hard work.
Here we will discuss how to recognise business growth pains that damage a company. The earlier businesses recognise these, the better they can tackle them.
Time it takes to complete tasks
When your employees complain that they do not enough time to complete their tasks, it can mount extra pressure on them and the business. The rise in stress levels can manifest in forms of absenteeism, medical leaves, and absconding, leading to an alarming lack of productivity.
This is an opportunity for a business to analyse its functions and operations. Usually, such business pain may be due to factors such as,
- Being understaffed – which can be addressed by hiring additional support staff.
- Redundant work – this can be fixed by streamlining the work and reducing overlapping of functions.
With that in mind, let’s take a look at some of the key areas that business growth pains can highlight.
Lack of training and clarity
This is common among start-ups as they scale up. Hiring additional employees without a robust training module can be a headache later on. This coupled with a lack of clarity regarding the job description is a recipe for disaster. The owners are often privy to the hiring process and trust the team to do the right job. However, before handing over the hiring process to others, there needs to be an experienced team to train new recruits. The job description should be clearly spelled when hiring.
Dearth of quality managers
As companies expand with business growth, there is a need for able managers at every level. Usually, companies promote skilled workers to the post of managers in hopes of them doing a good job managing as well. However, management requires a different set of skills. Skilled workers who perform well in functions like sales, administration do not necessarily possess managerial skills like delegation and reporting.
Developing a pool of managers is crucial for expanding businesses. Including formal management development programs can help provide the solution.
Lack of defined goals
When it comes to business growth pains – this is a huge one!
For any growing business, the hiring of a workforce for the sole purpose of the delegation of work for lack of time is not enough. It makes for purposeless workers who are clueless about their place in the company in the larger scheme of things.
Employees need to be provided with a purpose. Defining a goal for employees helps gain loyalty. Drive your company goals to the employees in every opportunity. Get them excited about the milestones of the company.
Learning to pivot
This could be the most important business growth gain. When the business grows, it becomes community-driven. The increased workforce would mean greater liability. In such instances, the company is beyond the whims’ and fancy of an individual, even if the individual is the owner. Learning to quit when an idea does not work after repeated efforts is a sign of a true entrepreneur. Embracing a collective mindset can help increase efficiency.
Ainsworth Accounting Solutions are here to help and ensure that your business growth pains need not hurt, talk to us about your business accounting needs and we’d be happy to speak with you. Simply contact us today to take the next step!