So as your business grows, you could get to a point where you can’t keep your arms around it or you’re feeling disconnected. And so, but, uh, there’s some, some basic, you know, practices that you can use to, uh, so to remedy that, you know, one is you want to develop simple reporting mechanisms. Uh, that, uh, will allow you to keep your finger on the pulse of the key metrics of the business.
It can be done with a one page report, uh, that they send, some of your department heads send at the end of the month or the end of the week or whatever. It can be done with simple emails. It can be done with a, uh, A stand up, a weekly stand up meeting in each, for each department, um, there’s, there’s lots of ways to do it, but you, it needs to be a simple reporting system, uh, that people don’t have to spend very much time, uh, to be in compliance with, but, and that doesn’t take you very long, uh, but it helps you keep your, your finger on the pulse.
That’s the first thing. The second piece is as your business grows, you got to put successor partners in place. You got to start putting the successor people in place and, uh, they need to be competent and, you know, they, they may be, I mean, it’ll have to be ready to take, take over their departments or have you, but, uh, they have to be the kind of people who can get there.
But I think it’s important to start working on that at that stage. So that you can continue to grow. And then, uh, another tactic I use is I have almost like a college professor office hours where, uh, everybody in the firm can just book a meeting with me during certain hours of the day and to get consulting time back from me or to present something to me or just get some time with me.
Um, so that, uh, that’s They can stay connected to me. I can stay connected to them. So any issues that come up, that’s a, that’s also a real good, but it is a dance and um, but it’s critical because um, otherwise it’ll, you can’t let it get away from you.
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Strategies for Staying Connected as Your Business Grows
As your business grows, you will eventually face a pivotal challenge: staying connected and maintaining control of your business without becoming overwhelmed. Here, Tom shares a few practical strategies you can use to keep a pulse on your business and keep your relationship with your team strong. Keep reading to learn how you can implement these approaches in your business:
Develop Simple Reporting Systems
One of the easiest ways to stay up-to-date on your business’s performance is to establish straightforward reporting systems for each piece of your business. These systems can be tailored to your and your business’s specific needs and should focus on keeping things efficient and actionable.
- One-Page Reports: Encourage department heads to create concise, one-page reports summarizing key metrics. These reports can be submitted weekly or monthly to give you a quick snapshot of your business’s health.
- Email Updates: A brief, regularly scheduled email with critical updates can also serve as a simple yet effective communication tool.
- Weekly Stand-Up Meetings: A short, regular meeting for each department allows for real-time updates to ensure everyone is aligned.
The goal is to develop a system that minimizes time spent on reporting while still delivering valuable insights that keep you up-to-date on your business.
Establish Successor Partners
As your business expands, having a succession plan in place becomes essential. It’s important to start identifying and developing the individuals who will eventually take on leadership roles in your company.
- Focus on Competence: The partners you choose don’t have to be ready for leadership immediately, but should show potential to grow into their roles.
- Start Early: Begin this process before it’s a necessity. Developing your company’s future leaders over time ensures they’re prepared to handle the necessary responsibilities when the time comes.
Planning for succession not only supports growth but also provides stability during transitions in your company.
Create Opportunities for Open Communication
One of the most important things you can do as a leader is to keep open communication with your team as it grows. Making yourself available and open to your team helps create relationships based on mutual trust. There are a few ways you can do this:
- Set Office Hours: Similar to professors in college, you can dedicate specific times during the week where your team can book meetings with you to discuss challenges they may be having.
- Stay Connected: Simple things like going to the office and interacting with your team regularly about work and non-work topics is a good way to stay connected to your team and keep a pulse on company culture.
The Balancing Act of Growth
Staying connected to your team and your business as it grows is a balancing act that will offer both you and your team large benefits. Implementing simple reporting systems, preparing a succession plan and fostering open communication allows you to keep your business running smoothly while staying in tune with your team and the regular day-to-day operations.
Our team specializes in helping businesses like yours navigate the challenges that come with growth with confidence. If you’re looking for personalized advice on improving your business’s financial health and structure, reach out today to see how we can support you.
