grow a small business

Every business owner gets to a point where things are getting a bit too big for it to remain as a one man band, or as only a handful of people.

At this stage a dilemma begins. You either carry on working yourself to the bone, or you delegate tasks to others and take the weight off your shoulders.

However this creates another dilemma. Delegation vs economies of scale.

 

But We Only Want You

You will see many businesses throughout your lifetime where someone’s name is the biggest selling points.

“Tom’s Training”

“Luigi’s Pizzeria”

“Matt’s Barbers”

The problem with these kinds of businesses is that the people who started them, began with small intentions.

They thought that people would use the business because they would trust them, and they were right. However when things got going and business was good, they were forced to hire someone else.

Sounds fine, but the second person or the second shop, is no longer personalized. Tom’s training is no longer carried out by Tom. Luigi’s Pizzas are now made by someone else. Matt’s haircuts are now carried out by a woman named sue.

There’s nothing wrong with this, but it leads to a situation where people stop using your business because they only want you, they only trust you and the new people aren’t necessarily as good as good.

 

Economies Of Scale

This is something that few people think about when beginning a name brand, or even a general company where they’re the main component.

They say you’re not an entrepreneur until you can go on holiday and your business runs by itself. Well this is made possible when economies of scale is overcome.

If you’re making the phone calls, training the clients, making arrangements, deciding upon the schedule and designing all of the artwork, then there will come a time when you simply can’t keep doing it.

The risk here is, can the person you’re hiring do the job you were previously doing as well as you did?

If the answer is no, then your business takes a slight dip.

Overtime, if this trend continues multiple times, you’ll reach the situation where people start saying, “I used to like that business but they’re not as good as they used to be”.

This happens all the time, and it happens for one reason, hiring just about anybody to fill a gap.

The trick to overcoming this, is to be brave. Hire someone better than you, it’s your business you’re not going to get fired.

You have to hire people considered 8/10 or above in terms of quality. Getting your Mom to handle the calls seems like a cheaper option, but is she the best fit for the job?

If you’re a one man yoga company, yet classes are getting too big, then the next member of staff you hire has to be as good as if not better than you, but never worse.

The moment people see a dip in quality, your entire reputation is on the line, even if you weren’t the one responsible.

If you want to avoid this happening. Then do as much as you possible can until a superstar becomes available. If they’re not going to improve your business then hang-on in there. It may take another 4 months of relentless work, but you’ll thank yourself for waiting when your new member of staff is taking you to the next level and freeing you up to focus on the most important tasks.

If you hire people just for the sake of hiring people, or because you’re tired, then you’ll live to regret this decision further down the line.

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Every business owner gets to a point where things are getting a bit too big for it to remain as a one man band, or as only a handful of people.

At this stage a dilemma begins. You either carry on working yourself to the bone, or you delegate tasks to others and take the weight off your shoulders.

However this creates another dilemma. Delegation vs economies of scale.

 

But We Only Want You

You will see many businesses throughout your lifetime where someone’s name is the biggest selling points.

“Tom’s Training”

“Luigi’s Pizzeria”

“Matt’s Barbers”

The problem with these kinds of businesses is that the people who started them, began with small intentions.

They thought that people would use the business because they would trust them, and they were right. However when things got going and business was good, they were forced to hire someone else.

Sounds fine, but the second person or the second shop, is no longer personalized. Tom’s training is no longer carried out by Tom. Luigi’s Pizzas are now made by someone else. Matt’s haircuts are now carried out by a woman named sue.

There’s nothing wrong with this, but it leads to a situation where people stop using your business because they only want you, they only trust you and the new people aren’t necessarily as good as good.

 

Economies Of Scale

This is something that few people think about when beginning a name brand, or even a general company where they’re the main component.

They say you’re not an entrepreneur until you can go on holiday and your business runs by itself. Well this is made possible when economies of scale is overcome.

If you’re making the phone calls, training the clients, making arrangements, deciding upon the schedule and designing all of the artwork, then there will come a time when you simply can’t keep doing it.

The risk here is, can the person you’re hiring do the job you were previously doing as well as you did?

If the answer is no, then your business takes a slight dip.

Overtime, if this trend continues multiple times, you’ll reach the situation where people start saying, “I used to like that business but they’re not as good as they used to be”.

This happens all the time, and it happens for one reason, hiring just about anybody to fill a gap.

The trick to overcoming this, is to be brave. Hire someone better than you, it’s your business you’re not going to get fired.

You have to hire people considered 8/10 or above in terms of quality. Getting your Mom to handle the calls seems like a cheaper option, but is she the best fit for the job?

If you’re a one man yoga company, yet classes are getting too big, then the next member of staff you hire has to be as good as if not better than you, but never worse.

The moment people see a dip in quality, your entire reputation is on the line, even if you weren’t the one responsible.

If you want to avoid this happening. Then do as much as you possible can until a superstar becomes available. If they’re not going to improve your business then hang-on in there. It may take another 4 months of relentless work, but you’ll thank yourself for waiting when your new member of staff is taking you to the next level and freeing you up to focus on the most important tasks.

If you hire people just for the sake of hiring people, or because you’re tired, then you’ll live to regret this decision further down the line.

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The Apprentice show we are referring to, is the UK Apprentice. However the list below is universally usable. If you live in the UK, US, Canada or anywhere else, then the following tips can be implemented into your own life. Below is a list of 9 things The Apprentice...
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Read More

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Niche is a term that’s throw around in business and the entrepreneurial world every day. The term refers to a small segmented group of people who have an interest in something that most others do not. Or it could refer to a particular aspect of a larger topic that...
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