Business growth puts strains on all aspects of a small business. Hiring more staff, expanding the resources necessary to support new customers, managing cash flow, building new systems to support your business all take time and attention. If you do not get these issues taken care of properly, your business can suffer or even fail.

However, small business growth also creates personal challenges for the entrepreneur. Here are some of the more common issues that entrepreneurs wrestle with as their business grows:

Delegation: Your “baby” is growing up and needs for more independence

Letting go is tough for most of us. We have been with our business all the way through its growth, through the good and the bad times. But at some point, if we want our business to grow successfully, we have to begin to delegate. At first it will seem that no one can do what you do as well as you can. But just like raising a teenager, at some point you have to begin to let go so they can learn and grow up. Your business will go through this same difficult transition. If you don´t begin to let go, your business may never successfully move into its next stage of development.

My company just isn´t the same as it used to be

With each person we hire, our culture can change just a little bit. And over time, this can lead to a business that does not look like we had intended or envisioned. One area that you must keep control of is your culture. Your values shaped the culture of your business as it began, but to maintain that culture you must actively manage it. You do this by who you hire, what you reward, what you celebrate, the structure you create for the business, your communication, etc., etc. Be deliberate about the culture you intend and think about how each action you take over time can affect this culture.

So what is a CEO supposed to do?

For many small business owners, this may be their first time as a CEO. That title means very little in the early days, but as the company grows it takes on more meaning. Defining your role and your style as the CEO of your company takes planning and specific effort on your part. It may even feel a bit awkward at some point, but you have to establish what your role will be as the CEO. Play to your strengths.

The Fear of the Unknown: Moving from hands-on to strategic

Many entrepreneurs start their businesses because they like the hands-on part of their business. At some point in the business growth cycle, the entrepreneur begins to move away from the hands-on part of what their company does. This can be a painful and frustrating period. Keep this in mind when you decide how far you want to grow your business. It is OK to keep it at a size that allows you to stay in the hands-on part of what you do.

Why does everyone keep forgetting this is still my company?

At some point it seemed that we were chasing everyone else´s goals for the business. Our banker, our lawyer, our accountant, fellow entrepreneurs and our managers all seemed to have their own vision for what we could become and ideas for where we could take the business. Remember, it´s your business and at the end of the day, you have to direct it along the route you want to take. It takes skill, persistence and determination, but keep your final destination in mind. With all the twists and turns, it may be the only thing that keeps you sane and at the end of the day remember – it´s your business. Only you can decide how you are going to grow your business.

To discover how Incisive Edge will help you grow your business email growth@incisive-edge.com or call 0843 289 7884.