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Growth can be tricky and stressful for small business owners, and the best way to handle it is to prepare. Start by hiring ahead of the need. If you’re growing fast, add a chief operating officer and/or chief financial officer—even if only on a part-time or consulting basis.
Next, consider changing your own role. Stop doing everything yourself. Delegate day-to-day operations to others and become the leader, the strategic thinker, and the planner—in other words, become the CEO. Weed out customers who don’t contribute sufficiently to your bottom line. Let go of those who distract you from your goal, whether it be because they are outside the area in which you want to work or because they simply take too much of your time. Also be sure to have reserve capital to weather growth’s inevitable bumps. Reserves don’t have to be all cash: They can be excellent receivables or something else that can be turned into cash quickly.
Want to improve the way you run your business? Entrepreneurs, academics, and consultants from diverse industries offer practical advice on a variety of topics each business day.
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