Keeping control by losing it!
We’ve talked many times in the past about the courageous leap of faith taken by some brave individuals who decide to put it all on the line and start their own business. The challenges faced by these individuals soon present themselves but these entrepreneurs don’t give up, instead they put endless hours of time into selling and marketing their business to others. For some that effort pays off and they find themselves with a nice little business on their hands, generating a solid enough income that is able to sustain them financially. Great, now you’re earning a living from your business it’s time to sit back and relax and get back to living, right?
Some people might well be content with that but for others ~ the ambitious entrepreneurs ~ a completely new set of challenges lies just around the corner. If you’re fortunate enough – or maybe I should say determined enough – to have established a relatively successful business, you will often find that demand for your services and in effect your time, completely outstrips the supply of goods, services or time you have available. We are faced with the challenge of business growth!
In some ways growing a business can be just as demanding and testing as starting a business. After the uncertain times of the early days of business, once a business becomes established it can be quite easy to settle into a comfort zone. We find ways of working that we’re happy with, we develop certain routines and set for ourselves organisational structures.
When we’re suddenly faced with the need for business growth though, all of this gets thrown into disarray as we try to find employees who can not only do the job, but do it well. We might also be faced with new tax laws, employment laws, accounting procedures, a need for new equipment, new vehicles etc. I suppose what I’m trying to say is that all businesses reach a point where if they want to grow then they have to once again make a new financial and emotional commitment to the cause, a commitment for which you may not see an immediate payback but in the long run you know – or hope – will produce results.
I mentioned in a post last week that by nature, I feel most business owners are slight control freaks, we like things to be done a certain way, our way. When it comes to business growth though, for some business people this can be quite on unnerving trait. By bringing employees or subcontractors on board we are in effect handing over an element of control of certain areas of our business to someone else. Yes you can train the employees and show them how you like things to be done, but it’s just not possible watch them 24/7 and it would probably make for an unhappy employee if you did. At some point you have to place trust in another individual with elements of your business, your baby! Not an easy thing to do for some, myself included.
In effect though, by losing control of some areas of a business or perhaps it’s better to say by putting trust in others, we are actually gaining real control over a more sustainable business with the potential for real growth. What would be the result if we didn’t take these steps? Well if we did want to grow our business, the chances are that we would soon become over-whelmed and swamped by the workload and our business and the quality of our business offering would suffer as a result.
Anyway that’s enough rambling from me, now you can head off and listen to the ramblings of others; here are my favourite posts of the week.
The College Investor ~ Step By Step Investing For Beginners
Canadian Budget Binder ~ How To Overcome Laziness And Save Money In 5 Steps
My Own Advisor ~ May 2013 Dividend Income Update
This That and The MBA ~ Handling a Financial Windfall
The Frugal Farmer ~ How Waiting Before You Make that Purchase Can Save Money