Growing your business is a thrilling experience since you’re getting bigger, bringing in more revenue, and opening new doors.
However, there will be many growth pains to overcome as you scale, which many firms aren’t prepared for. The more time you spend now preparing, the more resources you’ll have throughout the critical growth phase.
1.Hiring
You must perfect your hiring and onboarding processes. You’ll be able to focus on finding the finest person for the job if you have a strategy to follow. It’s critical to establish rock-solid hiring and onboarding practices to combat this.
You must perfect your hiring and onboarding processes. You’ll be able to focus on finding the finest person for the job if you have a strategy to follow.
2. Firing
That forced me to learn two difficult (but crucial) lessons.
First and foremost, hiring the proper individuals is the best method to avoid firing in the first place. Second, don’t be scared to fire people. I’m not suggesting that you fire individuals arbitrarily, but you shouldn’t be afraid to do it either. It’s perfectly fine if someone isn’t the appropriate fit for that role or your team as a whole. Let go and go on.
3. Figuring Out The Right KPIs
Key performance indicators (KPIs) are super handy for tracking important aspects of your business, and they can help you improve everything from your internal processes to your marketing campaigns.
However, not enough startups adhere to the KPIs that are appropriate for them. There are numerous lists of KPIs available, but the reality is that you must construct your own list based on your services and objectives.
4. Funding
When it comes to funding your startup, you have two main choices: bootstrap or outside funding. Bootstrapping gives you control of how your company will look and how will it operate. Bootstrapping means you are using your own money as an initial source of venture capital.
Many startups, of course, do choose to get funding. Obtaining funding enables a startup to grow faster than they might otherwise be able to do so. In addition, funding often comes with senior advice and business insights — a coterie of counsel that some bootstrapping entrepreneurs may not have access to.
Only you can decide which route is best for you. The most important thing is to line up your priorities and figure out what type of funding aligns with them.
5. Mentoring
Obviously, you want incoming hires to be the best people for their respective positions. But at what point do you take those employees under your wing and mentor them?
Mentoring is best reserved for folks you’re intending to bring on as C-suite officers. Team members below this position can usually be smoothly onboarded without full-on mentoring, while officers-to-be require a more one-on-one relationship.
6. Feeling broke
It’s vital to prepare against any droughts or unexpected losses, and that means both saving money and cutting costs. Here are a few of my favorite ways to do that:
Do as much by yourself as you possibly can.
Use freemium software.
Hire freelancers and independent contractors for shorter-term jobs.
7. Creating Processes And Documentation
So many startups operate solely on intuition and gut feeling, without ever putting pen to paper. They realize they’ve constructed on a fragile basis as they grow.
Processes are crucial in this regard. Any significant business task necessitates its own procedure (and documentation of that process). You don’t have to create micro-processes for everything, but your internal activities should follow procedures in general.
8. Feeling optimistic
People with a scarcity mindset focus on how there is never enough of something, whereas people with an abundance mindset focus on all the things they already have. Of course, there will be times when you are truly struggling, but most of the time, you are simply comparing your startup to others.
9. Keeping an Eye on Yourself
You’ll go through growing pains as a startup founder. You’re rapidly expanding your skillset, leadership abilities, knowledge, and ability to start a business from scratch. If you’re not careful, your physical and mental health can deteriorate.
Make it a priority to take care of yourself, whether that means cutting out fast food and eating healthier or making regular therapy appointments. For me, going to the gym was a game-changer that saved my health and my life. Find what works for you, and stick to it.
10. Knowing When To Let Your Business Go
Sometimes, businesses just don’t work out. If your startup is dying and you know it, it’s easy to go into denial. But don’t bemoan it: Embrace and learn from it. You’ll be better equipped to start over and have a much higher chance of success.
Growing pains are inevitable. The only question is: How will you face them? With these 10 guidelines in your awareness, you’ll be far better equipped to grow your startup with the resilience and courage that’s required.
