How to Deal With the Challenges of Up-scaling Your Business
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Fellow entrepreneurs, have you ever felt anxiousness followed by pure excitement? You wake up one morning, dress up for work, drink your coffee and head towards your office, in your car, but something is off. Then it hits you. The location of your office has changed, and you were heading towards the old one. You suddenly feel a thousand emotions, race through thousands of different thoughts and all of it in a span of mere seconds! They all point towards one notion ‘This is big!’ Embrace it and commit it to your memory for it is one of the purest feelings in the world and chances are that you may lose it on your way up. However, if you are one of those lucky few to crave this feeling over and over again, then you are on the right track to become the best.
Up-scaling in business is every entrepreneur’s adventure. The journey is full of twists and turns, bliss and tears, crossroads and dead-ends. Once the high fades away, reality comes knocking with a bat. How you face it determines your next fix. Up-scaling represents growth, which is proportional to change and change comes with challenges.
But then there is the concept of levelling up. Vastly different from up-scaling, levelling up is when you got the big boy or big girl shoes on. Levelling up involves a deeper understanding of your business and exploring your own limits to achieve your business vision. It’s not just about making profits and generating clients, levelling up means prospering as a business organization while at the same time focusing on your own self-growth as an entrepreneur. So prepare yourself for the sake of your company’s continued prosperity.
The Challenge with Delegation
If you’re not expecting a change in the amount of responsibilities that are sure to follow, then you haven’t grown enough. You’re looking at new clients which means a bigger crew to compensate, administrative and management tasks increase, more business opportunities to explore but less time to do it. Getting through this by yourself will only leave you flabbergasted. Take a breather before you get overwhelmed. Assess all that you can do against all you need to do. Look for the right person to do just one of the tasks that you can do, only better. This gives you the opportunity to not only do all that you need to do to achieve your vision but also gives you space to do more of the same.
The Challenge with Organization Structure
You’re looking at some major change in your company’s structure as you start to delegate your responsibilities. Where once you sat for hours with your team to ideate and strategise, you now have to compensate that with some other need-of-the-hour responsibility. This means that someone else needs to take charge of the process in your stead. As your company grows, more such changes arise and it becomes easy to lose track of everything around you. Don’t let it reach to this point, instead chart down an operations chart and have a responsible managerial team implement it on your behalf. Make sure you have a proper communication channel set up to ensure that you don’t have to concern yourself with trivial matters that could have been solved without you.
The Challenge with Personal Liabilities
Accept the fact that everyone has their limits. That someone’s 100% may not be enough for you and that after a point you have to let them go. Levelling up means that you don’t end up with the team you started out with. People reach a plateau point when they feel like they have given enough. While it would be beneficial for them to take some time and reflect, they drag your company’s progress with them. Letting go of them opens the doors for someone else to start fresh. Maybe you’ll miss the ones who leave, maybe you won’t, but the fact is that you need to let it go.
The Challenge of Balancing Emotion and Logic
Entrepreneurship and leadership go hand in hand. Up-scaling in your business has a tendency to alienate you from your team. Priorities change and your time is needed for various other responsibilities. As your team expands in numbers, it becomes increasingly difficult to run a tight ship. You need to deal with different people using different methods. Separating emotion from logic is the worst thing you could ever do. Trust your instincts and evaluate emotions with logic. Rational thinking is a combination of both emotion and logic, something you’ll need to drive your company forward and in line with your vision.
The Challenge With Pacing Yourself
Getting overwhelmed with the pace of your growth is quite possible. Take PayTM for example. They became an overnight success with demonetization acting as a catalyst. They are now one of the primary means of cashless transaction in the country, with a banking system of their own. The moral behind this is that opportunities could come knocking at any given period of time. Presence of mind is the key to cashing in on those opportunities. As I’ve mentioned before – nothing in life is more important than a calm and peaceful mind. To pace yourself means to consistently plan & achieve small goals towards a greater vision and keeping a level head. So when opportunities strike, you are prepared to capitalize.
Ending on a simple note, never lose the feeling of excitement that comes with levelling up and be brave to accept and embrace the change that follows.