If you run your own business you know the difficult balance that all entrepreneurs must maintain. First of all, it’s their duty to oversee the daily operations with tireless scrutiny ensuring that every facet of the business is working as it should in accordance with their mission statement. Secondly, they must take a step back and approach their business from a macro perspective, seeking out ways to introduce new processes, innovate existing ones and plan for the continued and sustainable growth that will keep the business going while all around it, competitors flounder. Yet, let’s be honest, far too many of us become steadfast micromanagers, rolling up our sleeves and diving headlong into the operation of our business to an extent that leaves little room for strategy.
While it’s understandable and even noble that entrepreneurs should want to take on as much responsibility as possible, this mentality can all too easily lead to stagnation of the business. There’s little room for innovation or growth and everything just kind of… keeps on ticking over. If just ticking over doesn’t cut it for you anymore you’ll need to…
Learn to delegate
Not only is doing everything yourself unsustainable in the long term, it’s one of the surest ways to burn yourself out. While entrusting your employees with greater control over your business may feel like giving them the keys to your brand new car, it’s only through learning to delegate that you’ll be able to facilitate growth. Learning to prioritize will be imperative to deciding which areas you delegate and which areas you attend to yourself.
Make capital investments
Every now and then the opportunity will come along to make a capital investment with the potential to grow your business. This might come in the form of a new piece of equipment, a new kind of software or a better located premises. When these opportunities come along you need to act upon them. Being risk averse is all well and good, but making capital investments can at the very least be called a calculated risk that could lead to real long term growth.
Of course you need the cash flow to do this, which is why maintaining a healthy cash flow through working capital management is vital, whatever the nature of your business. Even if you need to take out a short term loan to cover the costs, a good capital investment will quickly pay for itself in yield and productivity.
Build your brand
What’s the point in being the best if nobody knows who or where you are? Building your brand is essential if you’re to grow your business organically. This can only be done by reaching the right markets that you want to target in ways that will resonate with them. While most social media savvy entrepreneurs feel that they can manage this themselves, outsourcing to an external digital marketing agency is one of the shrewdest investments a business can make. Not only will it allow you to expand your reach faster and more effectively, a digital marketing agency will work with you to grow your brand sustainably over the short term and the long term.