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The Challenges of Growing a Business

dream team successGrowing a business is no easy feat, especially when you begin from the ground up. Those who seek to expand their investment have to navigate a number of unique risks and challenges.

The following are a few strategies to keep in mind when looking to take your company or organization to the next level:

  • Learn how to say no. Saying no to opportunities may seem counterintuitive to what you are trying to accomplish, but it can save you big in the long run. Businesses that attempt to juggle too many duties and projects at once are often the ones that fail. It’s important to think critically about any opportunities that come your way, choosing only the ones that fit with your business model.
  • Delegate whenever possible. A lot of business owners tend to shoulder the weight of the expansion themselves. This can lead to burnout and failure rather quickly. Part of growing a business is growing as a leader, and assigning tasks to your peers can ensure that no one is overwhelmed and you are on course for success.
  • Develop strong hiring practices. Businesses that don’t take the time to hire the right people often lose time and money trying to fill gaps in talent. To continually grow as an organization, and grow successfully, strong hiring practices are key. Taking the necessary time to vet applicants and choose the right person for the job will set your business up for growth in the long run.
  • Manage your cash flow. It may sound obvious, but managing your cash flow is critical to the health of a business. Many businesses will overspend in times of growth—overextending what they can afford on investments in people, technology, supplies and so on. It’s important for owners to understand that they may not be able to spend what they’d like on certain assets. However, monitoring all transactions and accounts regularly can help identify areas of potential savings and overspending, easing the financial burden of business growth.

When seeking opportunities for growth, many entrepreneurs forget that it is an ongoing process. A major part of successfully expanding an organization is adapting to change both internally and in the industry. To continue to grow, focus on keeping an open mind in terms of strategies, always seek best practices wherever possible and find new ways to innovate.

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