strategy

Listen to learn how our guest overcame several challenges to turn her product idea into reality ultimately debuting it on TV.

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Show Notes

In this episode, we’ll hear how our guest’s career ending injury along with her passion for design helped this entrepreneur develop a new product idea for the fitness market.  She tells how her product idea came about, how she developed her concept and how she was able to debut the product on QVC. Our guest, Bernadette Giorgi, is very candid about her struggles and challenges.  She’ll also reveal what she would do differently and what she learned that can help other entrepreneurs who embark on developing a new product and bringing it into the marketplace.

Key Points

*Our guest, Bernadette Giorgi, is the owner of Just b Moved Studio and the inventor of the b bOUNDER(R), a trampoline rebounder with a balance barre.

*She’ll tell the story of how a serious knee injury and her daughter’s back injury led to working with her Dad to design a new rebounder that could incorporate her love for dance with exercise.

*Bernadette tells us how the design came about and how her Dad played a big role in fueling her inspiration and success.

*She explains the process of protecting and perfecting her concept as she developed the early prototypes for the b bOUNDER.

*Find out how she overcame the death of her Dad, financial setbacks and several learning curves to get the product idea into the final stage.

*Learn how she tested the product idea in her studio to get feedback and market information and how that helped perfect the final product.

*Bernadette gives us some of the inside scoop about getting on QVC and the process that led up to her on-air debut on the network.

*Hear why a friend, experienced in design and retail, recommended that she sell her b bOUNDER idea rather than pursue manufacturing it and why she ended up taking the path she did.

*Listen to hear the story about her initial debut on QVC and how her positive attitude, experience, passion and memories of her father’s last words to her played a big role in sticking with it when things didn’t go as planned.

*Find out her new goal for the b bOUNDER and how she plans on generating additional sales through a new market and business model.

*Throughout the episode Bernadette Giorgi gives us advice on setting goals, seeing them through, seeking advice as well as sometimes getting out of your own way.

Resources and Links

Here’s a link to Bernadette Giorgi’s website where you can learn about Bernadette, her Just b Moved Studio and her product, the b bOUNDER.

Here is a link to her page about the b bOUNDER

Here is a link to purchase a b bOUNDER on QVC

Bernadette Giorgi’s special offer to listeners of the show:

Forward your purchase confirmation from QVC (F11730) to Bernadette and she will send you 3 Just b Method Pilates Fusion DVDs that can be performed on the b bOUNDER or exercise mat for a variety of exercise options! (a $45 value!)  For a limited time while supplies last!

Please be sure to include your mailing address and that you heard her on the Healthy Business Heathy Profits Podcast!
Send your confirmation to:   bg@bernadettegiorgi.com

About Bernadette Giorgi

A leader in fitness, entrepreneur, inventor and trusted voice in women’s health, beauty and wellness for over 25 years, Bernadette Giorgi (aka “b”) is on a mission to redefine what it means to “b” fit, healthy, and beautiful. The core message of her Just b Method is “Just b bound to the True You.” The mantra empowers women to make healthier choices for a balanced and fulfilled living by tapping into the wisdom of their bodies. b’s fusion workouts offer a contemporary alternative to classical Pilates by reviving its spiritual aspect of mindfully moving the body in combination with latest fitness techniques while connecting the body, mind and soul.

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Prescription for Success

Get all the updates and information Lisa shares from Business Rx and the Healthy Business Healthy Profits show! You’ll get information, tips and strategies on growing a healthy successful business. Don’t worry, I won’t bombard you with emails.  At most, you’ll get something from me every few weeks.  Sign up

Lisa Roberts is a business operations consultant who advises growth company entrepreneurs in successfully managing growth and the challenges they face along the way. She has over 25 years of experience in operations, finance and administration and spent several years in executive roles at a high growth company. She recognizes that there is a fine line between success and failure in a growing business and that entrepreneurs need to focus on managing finances, creating a sound operation and employ good business practices to stay on track.   You can find out more about her here

In this episode, we offer tips about how to make strategic planning work in your growing business.

To listen to the episode hit the play button.

To download the episode, right click on this link  and choose Save Target As.  Go to the folder where you want to save the recording on your device and click Save or Enter.

Make it easier to get upcoming episodes by subscribing to the show on iTunes . Subscribing to the show will automatically download the episodes on your preferred listening device so you can listen to them when and where you want. And hey, if you like what you hear, please leave the show a great rating and review while you are there on iTunes.

Show Notes

Once a company grows to a size where management teams run the various departments, the planning process can get more difficult due to the complexity of the business. It’s not just the entrepreneur making decisions, now there are department heads – with various ideas and opinions – making decisions.

Now, it’s more important than ever to march to the beat of the same drummer in your growing business.

Today, Lisa Roberts offers tips about how to make strategic planning work for your growing business. We’ll answer questions about the strategy development process and talk about tools that you can use to put this business practice in place in your business.

Key Points

*Entrepreneurs can struggle with strategic planning since there is sometimes confusion about what a strategy really is.

*Strategic planning is more about the “how” of things, not the “what” like the mission or the “why” like the vision.

*Companies have stakeholders that have varied interests and aims that can complicate a company’s intended strategy.

*A business needs to be clear about its’ mission, the what, before they can think about the “how”.

*While the mission is the same year in and year out, the strategy changes from time to time as you accomplish your mission.

*Goals are specific things the company wants to achieve; strategies are set to determine how the company can achieve them.

*Strategic planning helps entrepreneurs get everyone the same page, sets priorities and helps staff focus on what’s most important

*The first step is to determine where your business is at, is to use a SWOT analysis. This provides a basis to start developing long term goals and objectives.

*Strategies can then be developed for those goals as well as actions plans or tactics that will help execute the strategy.

*Once the strategic plan is set, an important step is the management of you plan including communication and monitoring the plan.

*It’s important for a company flow the strategy and goals down to the staff to create line of sight, focus and employee engagement.

*Culture, communication and management are an important part of the strategic planning and goal setting processes.

Resources and Links

Book mentioned in the episode: Hard Goals by Mark Murphy  http://amzn.to/2p5bXKf

 

Note: Links in this post may be affiliate links.  Lisa Roberts is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to amazon.com.

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Get all the updates and information Lisa shares from Business Rx and the Healthy Business Healthy Profits show! You’ll get information, tips and strategies on growing a healthy successful business. Don’t worry, I won’t bombard you with emails.  At most, you’ll get something from me every few weeks. You can sign up  Here

Lisa Roberts is a business operations consultant who advises growth company entrepreneurs in successfully managing growth and the challenges they face along the way. She has over 25 years of experience in operations, finance and administration and spent several years in executive roles at a high growth company. She recognizes that there is a fine line between success and failure in a growing business and that entrepreneurs need to focus on managing finances, creating a sound operation and employ good business practices to stay on track.   You can find out more about her here

Running a business involves some level of risk no matter what type of business you’re in.  Entrepreneurs need to identify risk, assess it and then manage it.

To listen to the episode hit the play button.

To download the episode, right click on this link  and choose Save Target As.  Go to the folder where you want to save the recording on your device and click Save or Enter.

You can make it easier to get upcoming episodes by subscribing to the show on iTunes . Subscribing to the show will automatically download the episodes on your preferred listening device so you can listen to them when and where you want.

And hey, if you like what you hear, please leave the show a great rating and review while you are there on iTunes.

Show Notes

Running a business involves some level of risk no matter what type of business you’re in.  In order to successfully manage risk, it’s important that you identify the potential threats you face and take steps to management and mitigate the risk.  In this episode, we’ll identify the main risk categories and explain the types of things you need to look for in your business. We’ll also discuss how you can start to assess risks and address it your own business.

Key Points

*Common categories include Operational, Business, Legal, Strategic and Compliance

*Operational involves the risk that something about your processes, policies or systems have failed or are inadequate in some way. It can include things like system breakdowns, errors and problems with your business practices.

*Business risk surrounds running your operations profitably.  Financial risk falls under this category as well and that has to do with the ability to meet your debt obligations. Examples include not generating enough revenue or cash to operate your business, not having enough demand for your products or the risk that you default on your obligations.

*Legal involves your contracts, legal entity, disputes and lawsuits.  It typically involves your company agreements and includes things like shareholder lawsuits, vendor disputes, contract violations, product lawsuits etc.

*Compliance relates to laws and regulation that are required by some government entity.  Examples include employment laws, tax and financial reporting requirements, industry specific related regulations etc.

*Strategic is the risk that come about based on your strategy or plans.  The risk that your strategy failed in some way, you are unable to compete effectively or that something in your business plan put your business at risk.

*Two other categories have gotten attention in recent years and they are Emerging Risk and Reputation Risk.  Emerging relates to changes that may be emerging like new disruptive technologies, new regulations etc.  Reputation refers to situations that have put your company’s brand and reputation in danger due to things like bad press, product recalls, cyber security issues etc.

*A business can never fully eliminate it, but they can take concrete steps to mitigate it in their business.

*An assessment can be done with your management team and business advisers to help you identify and address the risk in your business.

*The steps to perform an assessment include identifying, assessing, prioritizing and addressing the risk factors in your business.

*Assessing each risk involves determining the impact by estimating the likelihood that it happens and the potential cost to your business.

*Addressing it can be done through business policies and procedures as well as creating checks and balances to help mitigate that particular risk.

*It’s important to get assistance from professionals such as your insurance, legal or risk management professional so that you are able to clearly define and address your company’s particular profile.

Resources and Links

Lisa mentioned a survey at the end of the show that looked at the types of litigation that are trending in 2016.  Here is a link to the press release about that survey with links to access the survey report itself.

 

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Get all the updates and information Lisa shares from Business Rx and the Healthy Business Healthy Profits show! You’ll get information, tips and strategies on growing a healthy successful business. Don’t worry, I won’t bombard you with emails.  At most, you’ll get something from me every few weeks. You can sign up  Here

Lisa Roberts is a business operations consultant who advises growth company entrepreneurs in successfully managing growth and the challenges they face along the way. She has over 25 years of experience in operations, finance and administration and spent several years in executive roles at a high growth company. She recognizes that there is a fine line between success and failure in a growing business and that entrepreneurs need to focus on managing finances, creating a sound operation and employ good business practices to stay on track.   You can find out more about her here by following the link.

We take a deeper dive into pricing in this episode and talk about the questions you need to answer when pricing services in your business.

To listen to the episode hit the play button.

To download the episode, right click on this link  and choose Save Target As.  Go to the folder where you want to save the recording on your device and click Save or Enter.

Make it easier to get upcoming episodes by subscribing to the show on iTunes . Subscribing to the show will automatically download the episodes on your preferred listening device so you can listen to them when and where you want. And hey, if you like what you hear, please leave the show a great rating and review while you are there on iTunes.

Show Notes

In this episode we dive deeper into the concept of pricing your offerings in a service type business.  While there is not one right answer, we’ll talk through the types of things you need to consider and understand when pricing services.

Key Points

*Pricing services is a little bit science and little bit art with also some psychology thrown in the mix.

*There are some essential questions entrepreneurs need to answer in considering their pricing strategy and what they are trying to accomplish.

*Cost, profit, understanding your market, value and perception of value all play a role in pricing services.

*Lisa talks about what she sees as the bottom line in pricing decisions and creating the means to create a model that enables you to achieve what you are trying to achieve in your business.

*Various pricing models are covered including cost plus, value based, competitive, volume, feature based, and the razor blade model.

*The issue of freemiums is discussed and how they fit into your business and pricing models.

*The objectives that you are trying to achieve are covered along with the competing factors that need to be considered with those pricing objectives.

*Other factors are discussed surrounding your target market, quality vs. price and the future trends in your market for pricing.

*Tips are also discussed about managing pricing going forward after you have set your pricing strategy.

*Lisa offers some tips on taking your research further on pricing and shares some informational links below in the resource section.

Resources and Links

To contact Lisa Roberts to get objective advice or talk through your own business and pricing decisions you can get in touch with her here to set up a Quick Care Consulting session.

From the Help Scout Blog Pricing Psychology: 10 Timeless Strategies to Increase Sales

From the Kissmetrics Blog 5 Psychological Studies on Pricing That You Absolutely MUST Read

Here is another episode related to pricing that you may want to listen to- “Costs and Pricing What You Need to Know”

Note: Links in this post may be affiliate links.  Lisa Roberts is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to amazon.com.

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Get all the updates and information Lisa shares from Business Rx and the Healthy Business Healthy Profits show! You’ll get information, tips and strategies on growing a healthy successful business. Don’t worry, I won’t bombard you with emails.  At most, you’ll get something from me every few weeks. You can sign up  Here

Lisa Roberts is a business operations consultant who advises growth company entrepreneurs in successfully managing growth and the challenges they face along the way. She has over 25 years of experience in operations, finance and administration and spent several years in executive roles at a high growth company. She recognizes that there is a fine line between success and failure in a growing business and that entrepreneurs need to focus on managing finances, creating a sound operation and employ good business practices to stay on track.   You can find out more about her here

This episode will explain how a budget can help you plan your spending, avoid surprises, track your performance and why it is so important in a growing business.

To listen to the episode hit the play button.

To download the episode, right click on this link  and choose Save Target As.  Go to the folder where you want to save the recording on your device and click Save or Enter.

Make it easier to get upcoming episodes by subscribing to the show on iTunes . Subscribing to the show will automatically download the episodes on your preferred listening device so you can listen to them when and where you want. And hey, if you like what you hear, please leave the show a great rating and review while you are there on iTunes.

Show Notes

Healthy Business, Healthy Profits is focused on the challenges of managing a healthy profitable business.  One tool that helps entrepreneurs do that is using a budget to plan and manage their spending in order to achieve their goals and strategies for the upcoming year.  In this episode, we will talk about 2 of our 5 P’s – Planning and Profit.  The episode focuses on how a budget can help you plan your spending, avoid surprises, track your performance and why it is so important in a growing business.

 

 

Key Points

*Rapidly growing companies are going through much change and a budget helps them manage that, consider different scenarios and provide a guide for spending throughout the year.

*Companies can run into problems like spending not aligned with strategy, bad spending decisions and misaligned expenses against revenue.

*Lisa shares a few examples from her own experience of how having a budget and monitoring a budget helped a company shift when things did not go as originally planned.

*We discuss the types of different budgets and when companies should start using and formalizing their budget.

*We cover tips for entrepreneurs as they first start to develop a new budget for their business and when department heads need to become part of the budget process.

*Lisa provides some factors that are important for creating a good working budget as well as some things to avoid.

*We’ll hear Lisa’s opinion about whether compensation should be tied to achieving the budget numbers for the management team.

*Once an entrepreneur has a good budget and process, we share tips on using and monitoring the budget in order to help manage your business.

Terms Used in this Episode

Static Budget – a budget that a company creates and does not change during the year.

Flexible budget – a budget that is flexible or changes in the amount of business that is experienced by the company.

Rolling Forecasts – a budget or forecast that accesses the future estimates of business in increments such a quarterly. It typically initially set up for a period of time such as 12 or 18 months and each increment (i.e. each quarter) is reviewed and adjusted reflect new information and future estimates going forward.

Lisa Roberts is a business operations specialist who advises growth company entrepreneurs in successfully managing growth and the challenges they face along the way. She has over 25 years of experience in operations, finance and administration and spent several years in executive roles at a high growth company. She recognizes that there is a fine line between success and failure in a growing business and that entrepreneurs need to focus on managing finances, creating a sound operation and employ good business practices to stay on track.   You can find out more about her here

Sign Up to Get Updates

Get all the updates and information Lisa shares from Business Rx and the Healthy Business Healthy Profits show! You’ll get information, tips and strategies on growing a healthy successful business. Don’t worry, I won’t bombard you with emails.  At most, you’ll get something from me every few weeks. You can sign up  Here

So it’s almost tax day.

For those of you who managed to get through it relatively unscathed, congratulations!

For those of you who did not, my condolences!

Many people dread this time of year. In fact, a Pew Research study from 2015 showed the 56% of people surveyed had a negative view about doing their taxes.  People have may have many reasons for disliking the process. The amount of time and paperwork can create problems and if you are disorganized it only gets worse.

tax
image courtesy of Pixabay

Years ago, I prepared tax returns for the firm where I worked. It was always interesting how clients approached the process. We had one client who would show up at our office modestly dressed with a brown paper bag in tow containing all his information and receipts.  As it turned out he was a very wealthy man who ran a highly profitable seed company.  He probably paid more for his tax prep because his information wasn’t organized and his return took longer to prepare as a result.

Tax time is a good time to step back to review what went well and what didn’t in the process of getting your tax information together.  While it’s fresh your mind, think about the pain and the struggle that you faced and have a strategy to make it easier on yourself next year.


Here are some tips to help you avoid the pain and frustration of tax time next year.

Lessons from this year

Think about what you struggled with when getting your tax information together this year. What things did your tax accountant come back to ask about or to get clarification?  Were there things that you had to dig up and research?  Did you find things were misplaced? Were there things that took too much of your time?

Maybe there is a better way to account for those things throughout the year, so that the information is easily available when you need it for next tax year. It could be keeping records more organized, setting up schedules of certain expenses to provide a better record for your accountant, or maybe even starting the process earlier so that you and your accountant are rushing to meet the deadline.

Lesson 1 – Learn from this past tax year to see what you can change now to make it better next year.

Review Your Tax Return

Take time to understand the basics of your return. It will help if you have a working understanding of your tax return and how the inputs show up on the return itself. Now, do not hear me say that you need to understand how to prepare your return; leave that to the financial experts. However, you should have an understanding of where the numbers that you give your accountant show up, so that you can better organize your records.

For example, if you are like me and file as a sole proprietor. Schedule C is the main form that includes all of your income and expenses for your business; use it to make sure that you keep track of the expense categories you need. In addition, certain expenses are treated differently for tax purposes.  A common example is meals and entertainment, which are currently only deductible at 50% of the expense.  Therefore, you want to make sure that when you account for those expenses, only those true business meals and entertainment expenses are included. If you include other expenses by mistake, you will shortchange yourself since the deduction is limited to 50%.

Lesson 2 – Understanding the expenses you can deduct and where they will go on your return can help you keep track of those items better throughout the year.

Organize and Organize Some More!

Depending on your business, you keep some sort of records for your income and expenses. Whether you have a complex financial management package, a simple QuickBooks program or a set of spreadsheets, keep them up to date and organized throughout the year to avoid the tax time onslaught.

Keep in mind what we said before; make sure you organize your income and expense information so that it’s traceable for your accountant to easily prepare your return. You’ll save time and money if your tax accountant doesn’t have to sift through receipt after receipt trying to figure out what kind of expense each one is.

Accounting packages can easily help you, but if you have a small micro-business, a well-organized set a spreadsheets can work too. In addition, having a good filing system will help you keep all your supporting documents and receipts straight.  You’ll need to retain those for several years in case you are audited, so it’s best to have good records and a good filing system to keep track of it all.

Keep your personal records organized as well. You can create a system to organize those records too.  I keep a file folder that has all my information for the tax year.  When I make a charitable contribution for example, a spreadsheet is updated and the receipt placed in my file folder.  Same with taxes paid and any other types of expenses that I track. By the end of the year, it’s basically done and ready for my accountant.

Lesson 3 – Maintaining good records throughout the year will help avoid a lot of the pain at tax time.

Major Change Log

Certain major changes in your business operations can have tax implications.  It’s a good idea to keep a log or list that you can run by your accountant at tax time.  Some of the major changes in your operation that you will want to be mindful of are:  a change in ownership of your business; the purchase of major assets; leasing equipment; acquiring another business; selling all or a part of your business; getting into a new product line that is different from your current business, etc.

Lesson 4 – Keep track of major changes in your business that could affect your return this year.

Consult with Your Accountant More Frequently

Your tax accountant should be someone that you consult with throughout the year rather than just at tax time. It is a good idea to consult with your accountant about major operational changes you’ve made but a better idea is to consult with them at the time you are ready to make that change.  Sometimes certain major events can be handled in a way that will minimize your tax impact so consult with your tax expert first. Their advice can help you structure a business transaction in a way that benefits you from a tax perspective and keeps more money in your pocket.

Lesson 5 – Consult your tax accountant about business transactions that could affect your taxes.

Take some of the stress out of tax time. Learn from the pain of the past, understand your return, stay organized, consider the tax impact of major changes in your business and know when to consult with your tax expert so that you are ready when next year rolls around.

Measure and improve picA favorite business quote of mine which has been attributed to Peter Drucker, the management guru, is:

“If you can’t measure it, you can’t improve it.”

Think about it.

We track and measure lots of things in life. We have batting averages, Usain Bolt has his 9.58, mutual funds have rates of return and lately we have meteorologists constantly tracking weather information to predict the next storm.

If you think about the second part of the quote, you can understand why there’s batting practice, workouts, investment research and shifting weather models and forecast tools.  These are just a few examples of how things are tracked and measured to look at things to improve; in these examples it’s averages, times, returns and accuracy.

Many companies track and measure the obvious ones in their basic financial statements. The Income Statement tells them how much they sold, spent and profit that was made.  The Balance Sheet shows them what them what they have in assets, what they owe in liabilities and what earnings they’ve retained in the business.  Some businesses will pay close attention to their Cash Flow too.  It shows them how they got cash, where they used it and whether they made more or less of it during the period.  But there are many other things you can measure in your business to look for ways to become more effective and improve business performance.

Awhile back I wrote an article that described how you can grow a healthy business by looking at your people, processes and systems. You can look back at that on my blog by clicking here if you like.  One part of your business systems, should be to build a tracking and measurement system to gauge how you’re doing, in order to see how you achieve better results in your business.

In some of my work with business owners, I use a tool called The Business Physical which looks at 10 areas of a business. One thing we use the tool for is to gauge what steps the owner is taking to track and measure components of their business.

Let’s use four of the categories from The Business Physical to illustrate some examples.

Ways to track and measure results in your business.

Customer Service –Want to know how happy your customers are so you can measure customer service?  Then ask them. Run a survey, ask them to complete a comment card or like you on Facebook.  Want to know if you’re responding to customer problems quickly? Then measure response times or if you use trouble tickets measure satisfactory closure rates.

Marketing – Want to see how your latest coupon offer is going? Then measure your redeem rate against your distribution rate.  Want to measure customer loyalty? Measure repeat purchases from existing customers. Want to check the performance of your latest advertising campaign? Then track new leads generated from it.

Operations – If you want take a look at the quality of your products, then track product return rates.  If you have a service and want to measure quality, then track customer complaints or service recall rates. If you want to improve your order turn-around times, then measure and review the various steps in your order fulfillment process and so you can look for ways to make it more efficient.

Financial – If you want to set a goal to improve your account collections, then measure your average collection period on receivables. If you want to measure how you’re managing inventory to keep you holding costs in check, then calculate your inventory turnover.

Think about what you can measure and improve in your own business. Remember, if you can’t measure it (or you don’t), then you can’t improve it. Consider making tracking and measurement part of your overall business strategy.  Tracking and measuring can help you see how you’re performing so that you set goals and can make improvements to get to where you want to be.

At some point along the path of growing your business, from an owner’s standpoint, it goes from being mostly about you to mostly about the organization that you build.

This is the last segment in this series about the top issues growing businesses face. You can look back to the other articles in this series if you like in posts from April, June, August and October 2014.

Now, let’s look at the ways you, as the owner, need to grow so that your business can continue to grow too.

You’ve hired employees to handle the extra workload. You keep a close eye on them to make sure they do it right; whatever “it” is. For most part, the central functions, day-to-day decisions, administration and operations all revolve around you. But at some point it gets to be too much for one person to handle and something has got to give.

Reality check: You can no longer operate with you at the center. Instead, you have to operate with you at the top.

Oh, I can hear you now, “What do you mean, I am at the top!”

Are you?

Do you still micromanage everyone?

Do you spend most of your time buried in the day-to-day and rarely spend time on high-level planning and decisions?

Have issues come up that you didn’t see coming until they hit you straight in the face?

In order to truly operate at the top, there are things that you’ll have to learn as you grow with your business. It may be uncomfortable, unnatural and very new for you, but you’ll have to learn how to delegate, trust, lead, set direction and tackle higher level priorities. You’ll have to lead.

Delegate and Trust

Transforming from the “you” to the “organization” can be difficult because you start giving up some control. And let’s face-it, it is hard to give up control when you have worked so hard and passionately to get to this point. But there comes a time that you can’t do it all anymore and you have to learn how to delegate and trust your employees.

Given that as you’ve grown the business and surrounded yourself with good employees, you can start to delegate less strategic parts of your own job to your employees. Trust comes easier if you train your employees well, set clear objectives and authority levels and are open and available when questions arise. You might actually be pleasantly surprised by how well they do.

Leadership and Direction

I can hear you again. “Oh, leadership and direction, sounds so corporate!”

Sorry but it’s true. It’s important for owners to transition from the daily grind and start to set the tone for the company about what it is, why it’s in business and where it’s going. Your transition from the day to day management into leadership will evolve over time as the organization changes and grows.

As the leader, you start to have a longer term view while setting plans, strategy and direction. Instead of accepting the status quo, you begin to challenge it, to look for a better way. As a leader, you become more proactive seeking out new opportunities vs. reacting to the daily business problems that the staff can handle. All the while, one of your main goals is to motivate and inspire your employees and managers to understand what the company is and why it’s in business and inspire them to follow the strategy you set.

Higher Priorities

Your growing business forces you to tackle even bigger priorities as you delegate the lower priorities. Your focus is broader and more strategic, concentrating on the overall operations as opposed to the individual tasks.

Instead of personally working on the job site, you’re securing, scheduling and overseeing the work of your employees. Rather than waiting on customers, you are working with suppliers to plan your store’s inventory more effectively. Where you used to do all the sales functions, you are now defining new potential revenue streams, new products or service offerings or creating new programs to enhance your sales team and marketing efforts. Where you were focused on bringing in good people, you’re now developing the people you have.

Working on your business becomes more important than working in the business.

If Your Business is Growing, You Need to Grow Too

Growing pains are true for owners as well. The challenges of your growing business bring changes for you too. As the owner, your own ability to cultivate people, set long-term strategy and direction and lead your company through a more challenging business environment becomes more important than ever before. While taking your business up a notch, don’t forget to take yourself up a notch.

It’s no longer about you; it’s about business you build.