Small Business Blog
Why growing your small business too fast can ruin your relationships
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It is completely normal that as a small business owner we want to see our small businesses grow and scale into success and thriving operations as quickly as possible.
BUT! Can growing your business too fast actually ruin your relationships?
So, when I said ‘Can growing your business too fast, actually ruin your relationships?’ – what relationship immediately popped into your head?
Was it your relationship with your partner, perhaps it was the relationship with your kids, or was it your relationship with another family member. It could have even been your relationship with your Clients or perhaps with Money!
That relationship that came to you first is clearly THE most important relationship for you to protect during your entrepreneurial journey. Not to say that the other relationships aren’t important, it is just that this one means the most to you.
Now, let’s have a look at the top four ways to recognise that our business is growing too fast and has the potential to affect these important relationships in our lives.
Starting at number 4 – Do you know what your business financial position is?
When you first started out in business there is a pretty good chance that you knew how much you were putting into the business, how much you were spending and how your sales were tracking.
As your business starts to grow, many small business owners take there finger off the pulse of their finances and this is simply because as the sales start to pour in and the expenses start to pile up, we simply can’t keep track of all of those numbers in our head anymore.
Losing our control over our finances starts to increase our stress levels and according to the research conducted by Relationships Australia – financial stress is the number one cause of relationship breakdowns.
So how can we fix this?
First of all we need to look at the financial position of our businesses at least monthly, if not more regularly.
With online accounting software such as Xero, MYOB, Quickbooks and Reckon, there really is no excuse these days not to know your numbers and to share these numbers with those who need to know.
If you need a hand to get your financial reporting back on track, then please do not risk your relationships for another day and reach out to our certified BAS Agents for assistance.
But please also remember … that a business that makes nothing but money is a truly poor business.
Number 3 – Are you at risk of hiring the wrong people?
When our businesses starts to grow, the quality of our teams we employ becomes a really big deal. We need to hire strategically to ensure that we (a) have a team member with the right attitude and (b) that compliments the skill sets that we already have in the business. So you need to take the time to hire the right person.
What typically happens when a company grows too quickly is that they would rather fill the position as fast as possible, so that you can fulfil the customers needs, than to take the time to hire a person for their longer term business goals. In the long run … this tactic usually ends in tears for both the business owner and the new employee, as both parties discover that the relationship wasn’t built on a solid foundation and they actually don’t suit each other at all!
So what can we do instead?
Instead you could outsource the work to one of our Virtual Assistants to cover your business in the short term. This will give you enough breathing space to employ the right person moving forward and you can still meet your customers needs at the same time as well.
This really is a win/win solution for all involved.
Number 2 – Are your customers still happy with your service?
When your business is growing quickly, it is important to ensure that your customers are still happy with the level of service they are receiving. It is easy for a small business owner to become really focused on gaining new clients, whilst forgetting to provide their current clients with the same high quality customer service that they started out with. This can lead to customer retention issues and if left untreated, it will affect your businesses income and reputation.
Ensuring that you have strong customer service procedures and follow up procedures in place will definitely help you to maintain a strong relationship with all of your customers.
Happy customers grows into loyal customers and loyal customers are the best advertisement that a business can ask for.
Now finally, the number 1 way to recognise that your business is growing too fast is …
That you are working so bloody hard that you are starting to have less and less time for those important relationships in your life! If this is the case, then I want you to take a moment to think about what you can do today to change this!
Being a small business owner is really hard, it is also really rewarding and for the majority of us, we would not have it any other way.
However, please please please remember that there is absolutely no point in being successful if you don’t have those you care about around to share it with you.
If there is anything at all that our Virtual Assistants can do to help your small business to scale, survive and thrive, then please feel free to connect with us on your favourite social media channel, book a free support strategy session via our website or just give us a call.
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ProfitAbility Virtual Assistance specialises in Small Business Support for Business Owners.