Growth is a problem encountered by many business owners. It’s one of those problems that we’re happy to deal with because it’s a sign that business is going well, but it’s one that can be incredibly handicapping if it’s not dealt with properly.
As business owners, the first and most important thing we need to realize and admit to is that we can’t do everything by ourselves. There’s just not enough time in the day to do it. Don’t hesitate to hire help. It can be anything from a bookkeeper, a marketing expert, or someone with experience managing a sales staff. The fact of the matter is that these are all very important functions, but not as important as what you bring to the table as a business owner: the vision, the planning, and the strategic thinking. All of the things that will decide the direction the company ends of going.
Once you have the help on hand to deal with day to day operations, do not try to micro-manage. Micro-managing will end up crippling your staff’s ability to function and it will limit your ability to do anything meaningful for the business. Do not be afraid to delegate authority. If you surround yourself with good people to help you manage your business and you train them well, you’re better off letting them make certain decisions on their own.
Sometimes an opportunity presents itself. It might be chance to land a huge job, get a big client, snatch up some inventory at a huge discount, or some other tremendous opportunity for your business. The last thing you want is to have to pass up opportunities like that because you don’t have the capital to take advantage of it. Keep a cash reserve on hand to take advantage of these opportunities. If that’s not an option, you need to make sure there’s a lender out there who’ll be able to get you business funding quickly. You don’t want to apply for a loan only to find out that there’s a mistake on your credit report that’s going to prevent you from getting approved. Know what’s on your credit reports.
If you find yourself looking for some fast working capital and a bank loan isn’t an option, there are other things to keep in mind such as invoice factoring or business cash advances. Both can make fast cash available to business owners with less than perfect credit.