Starting your first business can be exciting but unbelievably stressful at the same time. There are going to be issues that you would have never imagined as the small details can make a huge difference. Finding some sort of mentor is important as they can help guide you through the growing pains of running your first business. Understanding the importance of certain aspects of the business then allowing others to run them can be tough for someone that always wants to be in control. The following are details you don’t want to forget when running your first business.
Delegation Cannot Be More Important
Trying to take on every role at a business will lead to you burning out in a matter of months. The people you hire should be trusted to do a great job. You also need to consider outsourcing certain areas of the business. For example, there is no need to have an entire accounting department at a smaller company. Instead, tax consulting with an accounting firm can be more beneficial for tax planning and preparation, and will cost less than having a full team.
Time tracking software can also allow you and employees to accurately set goals. Setting unrealistic goals can make a successful quarter feel like a failure. Timing yourself allows you to see how many sales calls can be made or pieces of marketing content can be edited. Holding employees accountable is also important as remote employees without tracking software are on the honor system. Do not enforce this on top performers as whatever they are doing is working so it is best to leave them alone. Employees that are not in production-based roles might not have a need to track their time.
Find The Balance Between Morale and Massive Productivity
Managing employees is about finding out what truly motivates them. There could be some employees that you never meet physically as remote work is the new normal. Finding that balance between pushing the team and morale is imperative. You do not want a cohesive team to start fragmenting due to putting too much pressure on them. Consistent growth is what matters rather than having one massive month followed by a number of people taking time off or quitting. Keeping employee productivity high and turnover low can allow a business to thrive over time.
Create Scalable Processes To Prepare For Sudden Growth
All entrepreneurs want to hit it big or at least have had this thought. Creating processes should be done during the infancy of the company with growth kept in mind. Scalable processes are important as you do not want to have systems breakdown during an influx of new customers. Working with employees to establish these processes will be important. Employees understand the workflow of their specific role far better than you and can comprehend which changes can make a huge difference. Freelancers are always a great way to scale but managing a number of these remote professionals can be challenging and frustrating.
Running a business is going to be stressful and exciting. Take your time to manage the details that are within your control rather than leaving things up to chance.