In the past two weeks, we've talked about using the Four P's of marketing to grow outside your company and two ways to build capacity and grow inside your company. Now let's look at the issues you need to watch for when you decide on a strategy for growing your company.
This may be the first for a reason. Entrepreneurs like to be in control. That's why we're here. But to grow, you have to release some of that control to others who will help you.
Do the figuring. Will this growth create more revenue than it costs? How long will it take to break even?
Based on your plan, will new hires be needed? Will contractors or virtual staffing be a better fit? Keep in mind, hiring the first employee brings a large burden of new paperwork and reporting. After that, the second and following hires add only a little to the burden.
Your plan probably calls for new knowledge. What don't you know, that you'll need to learn? What skills or expertise can you hire or contract for?
Let's face it, you're going to have to be more organized. With more going on, you'll have more to coordinate. You'll need some better systems for communicating and coordinating actions.
Becky McCray is a small-town entrepreneur, the coowner of a liquor store and a cattle ranch. She writes , based on her own successes and failures, about small-business and rural issues. As a consultant, she helps small-businesses and small-town governments get things funded and get things done. McCray also is a noted speaker on small-business issues. She blogs at Small Biz Survival.