Growing your business comes with a large number of challenges that you have not yet had to deal with in the start-up phase. But with every challenge, you can trust a business lawyer to help you get through much like a family lawyer (anwalt familienrecht) who helps families get through. In this article, business lawyers have listed 10 challenges for you, which you will almost certainly encounter if you want to grow with your company. Read further for tips to overcome these challenges too.
10 challenges you will face as your business grows
As an entrepreneur with a growing company, you know that challenges are there to be overcome. Otherwise, you would never have gotten to where you are now. But growing your business presents completely different challenges than you have experienced until now.
Lack of financial resources
Growing a business is almost impossible without investing. But to be able to invest you need money, and that is sometimes quite difficult. Your start-up is probably not yet profitable enough to make all the necessary investments.
Growing the business is no longer the focus
As you’ve grown the business, chances are you’ll spend more and more time on day-to-day business. You have many roles within your company, so you lose focus and have too little time to plan your growth.
Finding suitable staff
If you want to grow your business, you can’t do it alone. So you need staff. A process that costs a lot of time and energy and the outcome of which is difficult to determine. You read resumes and motivation letters and conduct job interviews to find the best candidates. And then there’s still hope that they want to work with you.
Not knowing how to grow
You are reading this article because you are reaching the limits of your growth. In the current structure, you are unable to take the next step. This is a challenge that almost every entrepreneur faces sooner or later, precisely because there are many roads that lead to Rome. What ways are there to grow further and which path is most suitable for you?
You forget your network
You have undoubtedly already built up a nice network. Many entrepreneurs forget to only use that network. It is very valuable to gather input from your network about growing your business.
Innovating doesn’t work (anymore)
As your business grows, it becomes increasingly difficult to stay innovative. In a larger company, there is often more bureaucracy. This can lead to your organization being less flexible and innovative than before.
βIt’s okay, like that.β
The right mindset is vital if you want to grow your business. Anyone who is satisfied with a stable turnover never dares to take the risks that are necessary for growth. If you think too small, you miss those unique opportunities to take the next step.
Don’t Color Inside the Lines
It abounds in all kinds of sectors of entrepreneurs. However, there is a great risk that you stick too rigidly to your own sector and as a result, miss out on interesting solutions to your problems.
No control over your finances
The bigger your company, the more money involved. And the more difficult it becomes to keep a grip on your finances. The problems are also increasing exponentially: that once you can’t pay yourself a wage, that’s up to the point. But as soon as you can’t pay your staff, you really have a problem.
You lose your product/market fit
You’ve come this far because you’re selling a product or service that solves a people’s problem. That is very simply put your product/market fit. But once your business grows, it’s a challenge to keep that ‘fit’. Maybe it’s because your target audience has different requirements or because the competition has increased.