One of the key impacts of internet fuelled trends, particularly in areas around social media, has been the seemingly urgent societal desire to “become someone”.
In business we see echoes of this trend. This sense of urgency has made entrepreneurs believe that they need to get somewhere as quickly as possible with relative success being determined by the size of company you can build in a short period of time. The faster this happens, the better you and your business are.. But spoiler alert! This is not really the case.
Hurrying in business can have long term effects on sustained growth – the growth that allows you to create the business of your dreams.
Entrepreneurs will never show it publicly but trying to grow so fast usually ends up in a feeling where growth is out of control, not being capable of managing it and in the worst case scenario, no longer being on top of the business.
“Don’t let the internet rush you. No one is posting their failures.”
When is the right time to grow your business?
Here are some signs to know when is the right time to grow your business:
- Your vision of growth is clear and ambitious. We’re not talking here about a financial goal or market dominance but to have a vision that is aligned with your values and which can be used by your team as a guideline for making decisions (“Is this getting us to our vision or not?”). If it’s unclear or too narrow, you’ll probably lose your focus once you start growing.
- You have a formal structure and hierarchy in place. It’s best for a startup to stay flexible and free of formal hierarchy in order to succeed early on, but for bringing the business to the next level a different approach is required. Without this, the business can suffer from delivery problems, coordination and communication.
- You’re hiring experts who suit your business needs. You’re not hiring friends and acquaintances or people who can offer some value anymore but looking for competency-based experts that will ensure continuous growth.
- You delegate. As an entrepreneur you know what your strengths and weaknesses are so you let others fill the gaps. We know it is hard to let go of the generalist approach but delegating tasks to domain experts is the best way to handle the complexity of a growing firm.
- Your legal foundations are on point. This may seem obvious but growing without having your legal documents ready for it can put your business and all your hard work at risk.
At Linkilaw we recommend our clients don’t rush, to enjoy the challenges of the journey and to grow when it is right for the business.
If you need any legal support for your business during this journey, book a call with our legal team and we’ll guide you through every stage of your legal needs.