When you’re starting out, you’ll have been told all the horror facts and figures that focus on businesses failing. Then, when you get over that hill, you’re rewarded with all of the “growing too fast” anecdotes.
Unfortunately, it’s part of the job. However, while some of these reactions might be a little overboard, there’s no doubt that you do need to exercise caution as you grow your company.
There are risks to navigate, and today, we’ll deliver five fast tips to help you along.
Don’t hire too early
One of the most common mistakes that start-ups make is hiring too early. They bring in staff before they need to and end up with a team that’s too big for the size of the business.
Not only does this strain your finances, but it can also lead to all sorts of problems down the line. So, our advice would be to think about when you need to start hiring. Can you get by with just a few key members of staff in the early days? Can you outsource or use freelancers to help with the workload?
Only bring people on board when you’re sure you need them, and you’ll save yourself a lot of headaches (and money) in the long run.
Be clear on your goals
When growing a business, getting caught up in the day-to-day and losing sight of the bigger picture is easy.
That’s why it’s so important to be clear on your goals from the outset. What are you trying to achieve? How fast do you want to grow? What kind of company do you want to be?
Answering these questions will help you to make the right decisions as you move forward. It will also make it easier to measure your progress and ensure that you’re on track.
Don’t be afraid to say no
As you start to grow your business, there will be many opportunities and ideas thrown your way. It can be tempting to say yes to everything hoping something will stick.
But this is a dangerous game to play. Not only will you quickly become stretched thin, but you’re also more likely to make mistakes.
So, it’s important to be selective and focus on the things that will really help your business grow. If something doesn’t fit your goals or it’s not the right time, don’t be afraid to say no.
Get help when you need it
Trying to do everything yourself is another mistake that start-ups often make. They think they need to save money by doing everything in-house, but this can lead to all sorts of problems further down the line.
If you’re not an expert in a particular area, then it’s always better to get help from someone who is. This could be anything from hiring a financial consultant to get your accounts in order to working with a marketing agency to help raise your profile.
The important thing is to get the help you need to focus on the things that you’re good at.
Keep an eye on your cash flow
Last but not least, keeping a close eye on your cash flow as you grow your business is important. This can quickly get out of control if you’re not careful.
Make sure you have a good system in place for tracking your income and expenditure. And don’t be afraid to tighten your belt if you need to. There’s no shame in cutting back on non-essential costs in the early days.