Two Things That Keep Small Businesses From Growing
Entrepreneurs all have a passion. A passion for the business they are in and passion to make that business succeed. But within this passion lies a trait that to them looks positive. In reality it may be holding back the growth of the business. So what is it?
The first thing is the, “Nobody can do it better than me.” principle. This keeps the entrepreneur involved in running the business and leaves no time for planning the business. I often see businesses that are very successful for the first few years, plateau. The reason is often that the owner is maxed out in the time he has to run the business. He literally can’t put in any more hours. There is no more time to plan how the business is going to grow.
The solution? As the business starts to grow, the entrepreneur has to begin to delegate. That means he has to hire people with the premise that he can delegate to them and then he has to do the delegating. This is difficult when you believe “Nobody can do it better than me.”
The second thing that can also hold back the growth of a business is the entrepreneur wants to keep his business close to the chest. He doesn’t want share what the business is doing with anybody. This prevents him from using mentors to get new ideas, to develop a growth plan or learn about best practices in his industry. The tax laws change every year, the human resource requirements change, marketing and customers change, and E-Commerce and mobile marketing have taken on a new importance. The reality is that nobody is great at everything. Sometimes it’s best to use other resources.
There are multiple resources available to assist small business owners. You just have to be willing to reach out and ask. There are mentors who are not only willing to help but want to help and it can all be very confidential.
Bottom line, nobody can do it all.
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