With the busy season right around the corner, now may be the time to consider hiring more employees and growing your business. Each year, you should be re-evaluating your business to decide whether or not it’s the right time to make a change. For many newer small businesses, the question is whether you want your business to remain small or aim for growth.
There are a lot of logistics to consider when making these types of decisions, and they often overshadow the more intangible concepts you need to run your business successfully. While considerations like finances and state and federal regulations are obviously important, it’s also important to determine your goals from a human resources perspective.
If you’re ready to take your business to the next level, keep these four considerations in mind to ensure things continue to run smoothly!
Nurture your team’s creativity
Wedding and event professionals are a very rare breed; hard-working, independent, professional, but most of all creative. It takes a lot of creativity to compete in an industry that is constantly evolving and depends so much on trends! Make sure that as your team grows, you continue to foster that creative environment. Seek out new team members with different backgrounds and perspectives, and look for new opportunities to work together with the members of your team to come up with unique ideas.
Be ready to take necessary risks
While your business needs to be strategic in its growth and endeavors, don’t be afraid to take risks. First, be sure to evaluate your business’ position to determine whether or not there’s too much danger to rock the boat, but then be ready to research new possibilities and get out of your comfort zone. You probably took a risk in starting your business, so don’t be afraid to trust yourself again enough to strive for innovation. Avoid becoming complacent and learn from all your ventures, whether successful or not.
Don’t be afraid to delegate
Ask your business grows, you’ll find yourself at the crossroads of doing everything yourself or relinquishing some of that control. More business means more daily tasks, and your time management skills become even more important. Yet, there comes a time when you’ll need to get better at prioritizing and delegating to your trusted team members. Try dividing your tasks into essential and non-essential categories, and start delegating those non-essentials. Building trust with your team and empowering them to make decisions is essential to business growth.
Develop a formal business plan
You may not have created a formal business plan when you first opened for business, but it’s not too late now! In fact, should you grow your business to the point that you need to apply for extra financing, you’ll need a formal business plan to move forward. There are seven major components to a formal business plan, which you can find more about here. Regardless of your business’ size or age, it never hurts to have a concrete plan for the future!
Have you been through the growth process and have other guidelines to add? Let us know in the comments!