Many business and entrepreneurship blogs tend to talk much about how to start, how to take the first steps to create a business and related topics. However, leaving aside company issues is important for the growth. Whereas, out of 10 companies that emerge 7 die after the first year. And of those that survived, 6 of 10, after the third year they will go bankrupt. It is important to give the reader some keys to growing a business. If you are an entrepreneur, a person who has a business and already exceeded the first two years, I congratulate you. Just passed a tough time in your career and needs to take into account some aspects that can help you build a bigger and better company.
Acknowledge Your Disadvantages
One of the biggest mistakes we make is entrepreneurs overestimate the value and potential of our company. We do not stop to an analysis of their operation. And when we rarely do we think that all is well, without looking at the data objectively.
Is it happening this to you? Be very careful. Think what would be the consequences for your family, for people who depend on you, the failure to conduct a thorough analysis of the strengths, weaknesses and chances of success of your company?
Consult with Specialists
If you want to make the leap from being an independent worker to a businessman you must learn to delegate and to consult with those experts. When your company is small, it is understood that due to lack of resources, you are the person in charge of everything. However, if you want to expand the business it is time to begin to delegate tasks to colleagues.
Do not forget to have on your team: an accountant, a personnel officer, a lawyer. Each of them knows perfectly their stuff and will save many headaches and money. Note, years of study that has passed each of the professionals to know your area.
Think About the Numbers
Is your business a bet or a business? Do you know what your cash flow? Do you know how much your profit margin? Do you know what your main customers are? Do you could determine one, two or three important variables that directly affect the normal operation of your company?
If you do not know answer these questions, you are playing gambling, and sooner rather than later, the consequences of their actions will make you open your eyes to reality.
Do not let this happen. Reflect on their numbers and take necessary measures in time for your business to grow.
Encourage Criticism
Have a devil’s advocate to your side. Someone who questions you, point out the shortcomings, to indicate the negative eventualities. Surround yourself with people who are not afraid to tell the truth of things, in your face. Value honesty before praise. Emphasize that you will not feel offended by the remarks that make you, as it is the best way to help. Do not be swayed by flattery.
I hope that the four keys to business growth help you maintain your success in this business.