Your business is growing. You’ve got a great product or service, you know your customers, and you’ve assembled a stellar team. But something has changed. Profitability has slipped, tasks take longer to complete than they should, or your team is frustrated. What’s going on?
You are a victim of your own success. Every business owner goes through it. It is part of the maturation process for any business.
What are some of the reasons you’ve gotten here?
You need to quantify your sales pipeline. Are you investing time in customers or entire market segments that aren’t profitable? Are the wrong types of opportunities taking away resources from more valuable opportunities?
Your systems haven’t kept up with your growth. Systems can be tools, processes, and software. As your business grows – in volume, the number and type of offerings, or complexity – you need to re-evaluate how your team executes the critical business tasks required to meet your customers’ needs and make changes as necessary.
Your team is confused or out of alignment. You’ve added people and maybe even entire departments. Valuable, productive employees who once had their hands in all aspects of the business aren’t sure who does what any more. Efforts are duplicated or worse, missed completely. Everyone is working toward different goals. The company culture you’ve built begins to change.
The bottom line is you are fighting fires. The cost of fighting fires manifests itself when you don’t have time to cast your vision for the company or nurture the company culture. You and your team are busy, but your aren’t effective or productive.
Growing companies will go through challenging periods or even seem to stall. It’s a natural part of the process. The key is to make sure you evaluate the root cause and understand the reason(s) why and take decisive corrective action.