As a business owner, you’re probably relieved that your start-up has gotten over the most challenging phase of a business and is now on its way up. However, you should know that even though the company is one the right path, you’re not out of the woods just yet. You’ll still need to overcome hurdles until the company reaches a measure of stability that you’re comfortable with.
You’ve made it this far, so you’re most likely confident that you’ll be able to handle anything that comes your way. However, as you already know, the key to handling any problem is preparedness. If you already know what to expect, then the moment the problem hits, you’ve already set a solution in play.
To make sure that your company is prepared, here are the top 4 challenges of a growing company according to the data obtained at the Inc. 5000 conference.
1. Creating a Work/Life Balance
You may think that you’ve already given everything you got to get the company rolling but think again. Owners of some of the fastest growing companies in the world are continuously having a difficult time creating a balance between their work and keeping the family happy.
As the company grows, you’ll find that you need more and more time to sustain that growth. Unfortunately, time is an extremely precious commodity for both your business and your family. So, if you’re the type of person that wants both a happy family and a successful company, you’ll need to plan ahead and see how you can create a perfect balance between your family life and work.
2. Hiring the right talent
The team you’ve organized has so far been successful at getting the startup on track for future growth. However, growth means that you’ll need to be constantly looking for talented individuals. Unfortunately, it also means stretching the company’s budget over and over again. One of the biggest challenges of a growing company is hiring the right talent while keeping within your allotted budget.
3. Creating ladder rungs
Your company has managed to get up on its feet and is now about to climb up the ladder. Unfortunately, unlike normal ladders that have rungs already in place, you’ll also need to create those rungs as you climb up. If you set the rungs too high, there’s a possibility you might not reach it. If you set it too low, you could be hampering your company’s growth. Setting the next objective will always be a constant challenge that you’ll need to face head on.
4. Managing your cash flow
The adage “you need money to make money” is so true for growing companies. Growth is synonymous with investment and the faster you grow, the more investment you’ll need. Managing your company’s cash flow to sustain your growth and objectives will be one of your toughest challenges. Keep in mind that you need lots of talent for your executive team. This is one of the areas where you’ll need to place a large part of your investment.
A business coach can help you to get through the 4 biggest challenges that growing businesses face.
Business Coach, CEO, Author, Artist
310.372.8538 | Ralph@Consulting2Win.com