Entrepreneurs are the driving force behind creating and growing new businesses. Sometimes, they can also be the people holding them back.
Skills you need to grow your business are not the same as the skills you needed to launch it. Don't value your own abilities too highly. You may need training to learn the skills and attitudes required to lead growth.
Along the lines, you’ll also reach a point where you may need help from others to meet the needs of your customers.
Sharing the burden
To grow your business, you will need to learn to delegate properly. This means trusting your management team and giving up day-to-day control of every detail. You could stifle creativity and motivation by interfering too much. As the business becomes more complex, you also need to develop your time management skills and learn to focus on what's really important.
As your growth progresses, you may also need to bring in outsiders to help. You'll want to delegate responsibility for particular areas to different specialists. You could appoint a non-executive director or two to strengthen your board. Read about recruiting company directors. As you start tackling a new opportunity, someone who has experience of that activity can be vital.
For many successful entrepreneurs, learning to listen to - and take - advice can be a challenge. But it may also be essential if you are going to make the most of your opportunities. Some entrepreneurs, recognising their own limitations, even appoint someone else to act as managing director or chairperson.
Training your staff
If you're thinking about changing the products or services you offer, you may need to retrain workers. This means giving them the necessary skills for any new processes or tasks they'll have to do.
Investment in employee development increases their engagement with the business and tends to increase productivity, job satisfaction and staff retention. It may also help ease any concerns they have about change. This gives them confidence that you are continuing to invest in them and in the business.
Carry out a training and learning needs analysis so that you understand what skills your employees have. This allows you to identify any skills gaps against your business needs, both immediately and for your future plans. See how to identify training needs.