The Truth About Growing Your Business
You’ll reach a point in your business when you’ll take that leap of faith and grow beyond your comfort zone. You’ll find that the more you grow the more obstacles you’ll have. More suppliers to deal with, more client personas, more staff and definitely more finances to juggle. Don’t let this put you off. Just be prepared! Know what you’re getting into and you’ll deal with any obstacles that come your way. Speaking from experience here’s my 5 main observations.
1.Dealing with peoples egos
Someone recently introduced me to the PAC method. It changed my perception of people. We all have 3 egos; parent, adult and child. I will let you read up on it but understanding that we all flit from one of these egos to another really helps us in dealing with difficult people. Remember you need to respond rather than react when someone approaches you with an ego that isn’t shall we say flattering. People will have bad days, they will take it out on you and you will have to respond. Your response is crucial to how you let their attitude dampen your spirit. Trust me, research the PAC method.
Someone recently introduced me to the PAC method. It changed my perception of people. We all have 3 egos; parent, adult and child. I will let you read up on it but understanding that we all flit from one of these egos to another really helps us in dealing with difficult people. Remember you need to respond rather than react when someone approaches you with an ego that isn’t shall we say flattering. People will have bad days, they will take it out on you and you will have to respond. Your response is crucial to how you let their attitude dampen your spirit. Trust me, research the PAC method.
2.Higher staff costs
This one frightened the life out of me but remember, if there is no model in place the business will not run. Invest in a really good team and they will invest in your business.
This one frightened the life out of me but remember, if there is no model in place the business will not run. Invest in a really good team and they will invest in your business.
3.Peaks and troughs
Every business has them! They won’t always be predicable and they will scare the life out of you. My advice is to hire a really good financial director (you can pay a day rate) and ensure they keep you in the loop of your finances every single month.
Every business has them! They won’t always be predicable and they will scare the life out of you. My advice is to hire a really good financial director (you can pay a day rate) and ensure they keep you in the loop of your finances every single month.
4.Delivery
I believe in always under estimating and over delivering. If you decide to grow make sure all your ducks are in row prior to growing otherwise the quality of what you once offered will be diluted and it’s game over.
I believe in always under estimating and over delivering. If you decide to grow make sure all your ducks are in row prior to growing otherwise the quality of what you once offered will be diluted and it’s game over.
5.Confidence
Sometimes I’m guilty of feeling like I shouldn’t be running a business, I have no qualifications yet I have a company of 10 years and I manage a team of 6 with excellent cash flow. I’m doing it, yay! This counts for something and I need to have more confidence in myself. The same goes for you. Don’t be afraid to say no to clients who are just not right for you. Stand your ground on your proposals knowing your time is worth something. Don’t sell your soul, if you’re like me and eager to please it’s easily done. There needs to be a bit of give and take when dealing with clients and fees but think about what your time is really worth. It’s unfortunately one of those luxuries that we can give and never get back. Give your time wisely.
Sometimes I’m guilty of feeling like I shouldn’t be running a business, I have no qualifications yet I have a company of 10 years and I manage a team of 6 with excellent cash flow. I’m doing it, yay! This counts for something and I need to have more confidence in myself. The same goes for you. Don’t be afraid to say no to clients who are just not right for you. Stand your ground on your proposals knowing your time is worth something. Don’t sell your soul, if you’re like me and eager to please it’s easily done. There needs to be a bit of give and take when dealing with clients and fees but think about what your time is really worth. It’s unfortunately one of those luxuries that we can give and never get back. Give your time wisely.
That’s enough deep thinking for me. I hope it resonates with some of you.