Catherine Livingstone: Step 4: Growing Your Business - 28 September
The Next Step
The best case scenario is you get to the point where you have too much work for you alone to handle. Questions start to arise -do you hire staff', do you outsource the work and what effect does it have on your profit? Below is some information to help find the answers.
Back to the beginning
When you are starting to ask yourself the above questions, one of the most important ones is "when is the right time to grow?" This is where that piece of paper you wrote in the beginning comes into play re why you started the business in the first place. If it was for a certain lifestyle and this is not happening because you are too busy, then there is your answer!
It will also help you shape how you want to grow - do you want to get bigger and take on staff or do you just want to stay the same size and refer the work to another supplier that gives you a referral fee? Make the next steps fit in with your goals and always go back to the beginning ensuring you stay true to what you really want from this business adventure.
People ae our biggest asset
Companies forget that humans are what still makes a company successful as we as humans still like to know who we are dealing with.
When you are looking to take on staff whether for the first time or at any stage make sure that person is passionate about your brand, has a large desire to see your company succeed and wants to be a part of the future that you are building. If you can get these things in an employee they will work hard for your company and when interacting with your customers will portray the same passion that you have about the product or service that your business offers.
Wait to find the right person instead of taking on someone for the sake of having another pair of hands as the right person will make all the difference to growing an organisation and one wrong person can halt a company in its tracks.
Money walking out the door
Does hiring staff or purchasing more resources mean you are losing money? For a business owner this is a hard step as for the first time you have to pay others to do the work.
Remind yourself that another person or other people helping means more work can be achieved. Sit down look at the hourly rate you can pay and make sure you don't go over this as it is then counter productive. In the current market you can also outsource your work - if you need an administration helper there are companies that take this on remotely which means you as a business owner don't have to worry about overheads and supplying equipment but most of all finding work for someone when it's not there.
There are online accounting systems, IRD have a system that teaches you to do your GST online and other facilities are out there now that will save you money when starting up your business.
People who work for your company are representing your brand out in the market place so make sure they know what they are saying and have passion to help your clients.
Never run before you walk and take time to stop and smell the roses - remember where you came from and what you have achieved along the way!
