Top 5 challenges faced by owners and managers when scaling up their company
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You created your company, it achieved the success you aspired, but now you feel you don't even have time to breathe. More than 80% of your sales depend on you. You are surrounded by documents, you are stressed and you feel that the decisions you are making lately are not the best ones.
You probably think you are the only one going through this difficult situation, but the reality is that, according to The Economist portal, 95% of entrepreneurs have similar challenges, because they do not have the right mindset to scale a business. And no, you are not the only one, having a company incorporated implies challenges for most company owners and directors.
Although it is likely that when you started this entrepreneurial journey, you thought things would be different, the reality is different. That's why today we show you the main challenges faced by other company owners and how they solved them.
Maintaining a balance between work and personal life
Maintaining a balance between personal and work is often a common problem for many managers. A successful business demands hard work, effort, sleepless hours, extra tasks throughout the day and enslaving yourself by always being available.
To manage that balance, you must learn to work smart. Know what you can delegate and what you can't. What you can't delegate are the most important activities, the things that will make your business grow and move forward.
For example, you cannot delegate attendance at a board meeting. But you can delegate the management of the company's communication.
In addition, you need to manage your schedule in terms of working, but also getting enough rest. It's no longer about how much work you have but how you engage in the tasks and to stay healthy you should rest at least 5 minutes a day for every hour of work and get enough sleep at night. Otherwise, you'll look like the walking dead. And that's out of fashion.
Aligning a strategy throughout your company
If you don't have a clear strategy and everyone is aligned to it, you will most likely end up having "anti-results", half-finished projects and paying for years of therapy.
This planning will be what will lead your company to the goal you set out to achieve. What you should ask yourself in order to establish the path to follow:
- What are your core values and purposes?
- What are your dreams?
- Who is your ideal customer?
- What makes you different from the competition?
- What do you need to focus on?
You will thus establish your company's values, vision, mission and added value. Having this clear, you will know where to go and what projects to execute without losing the company's direction.
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Design an exit strategy
The reality is that it is not wrong to think about the exit strategy. It should even be established at the beginning of the process towards institutionalization. Because, if you don't, you could end up leaving through the small door, with losses and selling your company for much less than its real value and what you have worked for.
Create a plan and consider strategic exits with these suggestions:
- Analyze the current value of your business
- Work on a plan that increases its value year after year.
- Measure the results and adjust them whenever necessary
- Consult with a team of professionals who can help you during the institutionalization and sale process.
- Market your business to potential buyers
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Eliminate ineffective recruitment methods
Hiring inefficiently can affect the day-to-day operations and results of a company's strategies. These types of mistakes cost time and money, so you must create a hiring plan that involves:
1. Implement measurable recruitment
The process must be carried out according to a timetable and have clear objectives. How long will it take? How many phases will the hiring process have? What points must the person to be hired comply with in each phase? The advice of external consultants, experts in this area is also key.
2. Prepare complete instructions for new employees
This clear plan must be communicated to new employees. You must work with Human Resources to reduce the learning curve.
To have a clear and defined role, place of work and work scheme.
Before starting the process, you must be clear on the role you need the new hire to play. This will allow for a smooth induction and the person will have a better chance of success in meeting the objectives that the company needs. Having the new workstation ready these days is not just about a physical workstation. It is about providing the person with the available and necessary resources so that he/she can fulfill his/her role in whatever modality, virtual, face-to-face or mixed.
To turn customers into loyal ambassadors of the company.
A happy customer is one who will go on professing the wonders of your company to others. That's what any company aims for.
To achieve this you must:
- Know your customer, know what he needs and why he chose you.
- Know what he expects from you
- Deliver an experience above and beyond your expectations
- To know how satisfied you are and the comments you have about the service.
We know that owning a business is not easy, but it is possible to scale it with the support of expert teams that accompany you in the process.
If you need advice to scale your business, request a meeting with us today to learn about the experiences of other companies like yours and how our methodology has helped them grow. Contact us for a diagnosis.