Owning and running a start-up business is both exciting and daunting, but it is a process that many businesses flourish during and grow out of in a few short years. This change can be confusing to many business owners, as they now have a larger and more fast-paced business to manage. A business management course can help you to successfully transition from start-up owner to fully-fledged business owner, and so can the tips outlined below.
Stop thinking small
When you are managing your own a startup business, you tend to think about things as a small business. This is great for the starting phase, but, once you grow out of this it can be detrimental to think small as your business continues to grow.
Taking a business management course part-time will help to teach you some management basics that are better suited to a larger company. You will learn how to think about your business in ‘larger’ terms, as a business that is now more established and accomplished. Thinking small only works for a certain amount of time, so it is wise to avoid falling back into this pattern.
Learn how to delegate
When your business was in its start-up phase, you most likely took on a lot of the work yourself, because you may have had a smaller team or you felt as though you were the only one who knew how to do something.
This has to change when you grow as a business, as you may not have time to do everything yourself. Delegation is highly important and is taught on many business management courses. You can use it to give tasks to people who are best suited to the project and to increase productivity across the board. However, delegation is not abdication, you still have to check in with your teams and ensure everything is running smoothly and correctly, as well as to give advice to employees.
Expand strategically
One of the most important aspects of a growing business is expanding strategically. Rather than simply trying to push out more and more products or services, you will need to think strategically about what areas to expand on to make the best business decisions.
As a start-up, your focus was on growing your company in any way possible, which is an effective way to do business, but once you are out of the beginning phases you will need to start thinking strategically. You could focus on building your brand through product and service offerings or use your network to reach out to other businesses that can provide you with services such as website design or social media management to attract new customers.
Staff properly at each level
Staffing correctly at every level is not the same as finding a complementary partner to start your business. It involves looking for people who have the right talent for the right roles. You will not only have to hire the right people but train them and measure their performance.
Staffing properly at every level of your business could also involve you mentoring less experienced staff and showing them the ropes of your company. You will also need to brush up on your own skills, which can be done effectively by taking business management courses when you have time. By having the right person for the right job, your company will continue to grow by leaps and bounds.
Numbers never lie
One effective way to gauge the growth of your company after the start-up phase is to keep an eye on the numbers; as the saying goes, ‘Numbers never lie’. If this data is used correctly, you will be able to see where changes are needed in your company and how you are performing now that you are no longer a start-up.
The metrics and numbers you should be looking at include your sales revenue, customer loyalty and retention, the cost of customer acquisition and operating productivity. Keeping a sharp eye on these metrics and numbers is essential for a growing business and will help you to make important and informed business decisions. Managing a business after the startup phase means that you will need to become more analytical and have a more numbers-focused way of doing things.
Aim for continuous improvement
Growing your business from a start-up to an established company means that you should focus on continuous improvement, but keep in mind that this takes strategic thought and an analytical approach. You will need to learn how to stop thinking small and delegate effectively, in order to expand strategically.
If you staff correctly at each level of your business growth, you will have a solid team that will help you to reach new and exciting milestones. Continually improving your business means that you will always be one step ahead of the competition and that your customers will have the best possible experience with your company.
