iCashLoans

Saturday, March 10, 2012

What Are The Four Stages Of Growing Your Business?

When you start a business you generally do everything yourself. You answer phone calls, buy stationery, do filing and carry out a lot of other tasks that takes your time and attention from the most important thing - getting new clients. There is nothing wrong with that. You do not want to remortgage your house and hire staff at this stage.

But most people get stuck in this stage. They don't realize that to grow the business and after turning a nice profit year after year they have to hire staff and get help and then duplicate themselves. So stage one is getting staff to help.

Stage one: getting staff to help you

Hiring staff at this stage is easy, although it costs you money. Nevertheless after training your staff member and freeing up some time you are able to grow the business even more. Remember, happy employees plus happy customers means you make money. High performance organizations have learned that people will work harder if they feel part of something that they can be proud of. Create an environment where your employees feel part of a team and a "family" at work.

Stage two: building the business

Once you have got more free time, you need to continue building up the business. This means long hours. But if you like what you are doing and you have a plan it is easy hard work.

Stage three: duplication yourself

This is where things can get sticky. Not because it is difficult, but because it means trusting someone else to your job and handle your clients. It involves courage. It means stepping away from the business and realizing it was something in its own right. It also means trusting someone else to do your job and make money for you. You just have to find the right person and get her/him really passionate about your business.

Stage four: duplicating the business
The difference between a small business and a multimillion pound company is multiple outlets. Look at McDonald or Starbucks. Duplication is a very common story in business. Create one successful business and multiply it by 100. That's how businesses go from small to big.

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