Business growth means something different to everyone but, in most cases, it’s a step in the right direction. However, it’s important that a company’s growth comes at the right time in order to be successful; otherwise, you may find that your company is growing faster than your schedule and financial resources can afford.
For this reason, it’s important for business owners to map out their growth plan so they have an idea of when and how they will be able to accommodate the added work that comes with a next-level business. The decision to grow is not one to be taken lightly, so come into your development with an open mind and a step-by-step plan.
If you’ve thought hard about it and decided that growing your business is the direction you want to take, you’ll want to be sure to have a team on hand to guide you throughout the transition. Even if you’re a solopreneur, don’t feel like you have to do this alone. Start by finding a business coach who can help you develop your next step (whether it’s bringing on employees or adding a new service), while still maintaining the brand you’ve worked so hard to create. An accountant and/or financial advisor are other great additions to have on the team, as you will see a change in your finances and will need to ensure your solvency.
Prior to expanding your business in any way, it’s important to be sure your business has policies and procedures in place to ensure things run smoothly and consistently regardless of where you are in your journey. For example, if you plan on bringing on new team members, have an onboarding guide in place to help them through the first few weeks of their employment.
Even if bringing on employees isn’t a part of your plan, chances are it will be a decision down the line if your business continues to grow. One person can only do so much! Once you’ve gathered more clients or are offering more services, it may make sense to hire an assistant to help you with the business administration side of things.
As your company develops, be sure that you are open and honest about changes with your industry peers, as well as your clients. Transparency is the key to building trust among your network, so don’t think about launching a new product or starting a side-hustle without communicating your intentions to your target audiences.
With some careful planning and a lot of honest ambition, you are sure to push your business to the next level in no time! Remember that everyone’s timeline is different, so don’t feel pressured by competitors or other companies in your industry. Growth should be organic, so stick to what feels right.
This post was written by Jennifer Taylor. Jennifer Taylor is the owner of Taylor’d Events Group, a planning firm that specializes in celebrations of all kinds in the Pacific Northwest and Maui. She is also the creator of The Taylor’d Plan, a self-administered class for wedding planners who are new to the industry and looking to grow and develop their skills.