Image via Flickr by SodanieChea
If you’ve recently started your own business, congratulations. So many people yearn to take the plunge but never do. However, one obstacle you might not have foreseen when creating your business plan was growing pains. These can come in many forms and act as a small hiccup on your path to success. By learning to recognize the signs and symptoms of these issues, you can combat them head on.
If you’re putting a lot of hours into your business, there’s a chance it can start to overwhelm you. You might feel constantly exhausted and doubt yourself. These symptoms of burnout can often be mitigated by better managing your work-life balance. Give yourself time off to unwind away from the business so that it doesn’t completely swallow your personal life.
Lack of Manpower and Equipment
When you’re first starting out, having a staff of just a few people might be fine for your small workload. However, as your business continues to grow in size, you’ll quickly find that these existing staff members aren’t enough to keep things running smoothly. You’ll need to hire new talent quickly before you fall too far behind.
If you’re having trouble putting together the capital for new hires, you can get a small-business loan from Kabbage. This loan will help you finance staff and equipment to manage your rapidly growing workload.
Being Too Involved
Your business is your baby. You might be reluctant to let anyone else make any important decisions. However, being too involved can cloud your head and affect your decision making. It’s important for you to learn to stand back and steer the ship instead of spending all your time at the oars. Being able to direct your workers from afar is a true sign that you’ve made it over the growing pain bump.
Business Processes Aren’t Updated
Back when you first started your business, you might have had a clear plan for the path it would take. Unfortunately, things might change along the way. If you’re still running your business according to your old plan, you might be limiting your cash flow. To make sure you are staying ahead of the game, be sure to project your sales and expenses for the next month, pay invoices on the day they’re due, and always try to collect client payments as fast as you can.
Always Saying Yes
You might be tempted to say yes to every new idea, project, or investment that comes your way. However, if you do this, you might get yourself into trouble. One important skill you’ll need to pick up on as a business owner is learning to say no, even if it makes someone unhappy. You might even need to say no more than you say yes. If you don’t, you might put your business at risk.
Entrepreneurial growing pains are just a small obstacle in your path to success. Once you overcome them, you’ll be stronger and more established than ever.