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When you’re ready to start building your small business team, you need to make sure you are doing so strategically and effectively. While it’s true that your team will be your largest expense, it will also be your greatest asset. This is why you’ll want to keep both profitability and growth at the forefront during this level of business growth.
Are you a solopreneur (or newly just beyond the solopreneur phase) who is looking for ways to grow to the next level? You’re not alone – statistics show that approximately 41 million Americans are currently at this level. Some like where they are, and some are ready to uplevel; whether they will be successful depends on their planning, strategy, and systems.
In 2019, the Small Business Administration identified 50.7 million companies as “small businesses,” employing up to 499 people. 81% of those, however, were taking on running their businesses completely solo.
If you’re among those 41 million, this article is for you! Keep reading to learn how you can set a solid foundation for growth.
Growing a business is a bit like being on a never-ending roller coaster: it’s the ride of your life, but filled with exciting ups and downs. You’ll rarely stay in one place for long, and even if you do, you’ll encounter twists and turns. This is fun when you’re on a theme park ride, but when the health of your business it at stake, you’ll want to have a road map to help you navigate the different levels of business growth.
Spring. It’s a time for a new start, for cleaning out the doldrums left by winter and freshening your systems up so you’re ready to grow. This might sound like I’m waxing poetic, but it really is true.
During the winter, you and your team are working hard to meet year-end goals while dealing with the holidays and chaotic schedules. There are things that can slip through the cracks – and updating your systems is one of them. As things start to calm down, taking time to evaluate and update your systems can make a huge difference in the growth and health of your business.
How do you go about evaluating these systems though? It can seem overwhelming, but if you follow a proven framework, it becomes much easier.
When I talk with small business owners about the issues they’re facing, time and time again the same topic comes up: hiring. Whether they’re trying to find the right person to fill a particular role or they’re trying to get help for an understaffed team, many small business owners are finding it challenging to build the team that will drive their company forward and help them grow.
Building a business is an amazing challenge – it will always keep you on your toes! One of the most important things a business owner can do is to build out their systems as they grow. This not only allows you to see where gaps may exist that need to be filled in, but they also allow you to develop your team as you grow.
Over the last few years, some businesses have seen a lot of stops and starts while others grew faster than anyone could anticipate. As a result, almost all have had to pivot, some in significant ways. Add these changes to the current hiring challenges, and systems have become more important than ever.
Two questions remain, though: how do you know which systems to build, and how do you prioritize them?