Entrepreneurs long for the day that their business becomes successful and scalable. It marks a turning point in your endeavor, and can represent the justification of all the effort you put into it. However, what many entrepreneurs forget is how it changes the entire experience. Here are 5 things you should know about the next phase of your business’ success:
1. Your Responsibilities Will Grow
The ability to delegate is a big part of running a company. You can’t do everything alone – you’ll need help. When your company grows and becomes successful, you might think that this will allow you to delegate even more tasks and lessen the burden on your shoulders. However, that is often not the case.
More often than not, you’ll actually end up with more things to manage as the company grows. If you’re looking for an easier time as the company grows, you’ll be disappointed. Some parts of it will get easier as your company becomes self-sustaining, but the demands on you as a leader and visionary will only mount. You’ll need to adjust the way you work and increase your personal efficiency even more to account for the needs of your thriving business.
Many small- to mid-sized enterprises often outsource marketing, bookkeeping, accounting, and legal roles. You may want to consider factoring your invoices for access to immediate capital as well as streamlining your accounts receivable functions.
2. It Is Possible to Get Money in and Still Have No Additional Capital
A business that has money to scale is a welcome sight for many entrepreneurs. However, don’t take the ability to scale as a sign that it’s safe to relax. It’s possible to have strong revenue streams and still have little to no extra capital sitting around. The fact is that your company will also start spending more money as you start gaining more business.
This is a tale as old as time. Twitter and YouTube, for example, seem like they should generate a ton of profit, but that is not the case. Twitter took over a decade to actually start making money, while YouTube notably still fails to do so. You need to keep a close eye on your cash flow and make sure that you have a realistic idea of how much profit you’re actually making so you can plan accordingly.
3. It May Never Feel Like You Deserve It
You’ve worked hard, and now your startup is starting to flourish. No one ever said entrepreneurship was easy, so you put your heart and soul into each and every day at the office. However, despite all your effort, it never feels like you deserve the success that you have.
This is known as “impostor syndrome” and is something that many deal with on a daily basis. This is what makes you feel like you should give up the things you have, and is not something you can deal with overnight. Much like other many mental issues, the solution lies in discussion and if necessary, therapy.
4. Your Job Focuses More on Relationship Development
Much of your early days as an entrepreneur will be spent learning. You’ll read up on industry and marketing trends, figure out how to hire the right people, and many more things. However, as your company grows and becomes more profitable, your responsibilities and focus will change. You’ll start focusing more on the relationships you’ve built along the way, rather than on industry information.
That’s because what your company needs from you will change. While growth is always part of the plan, that will come from stronger relationships with your customers, investors, partners, and more. Aside from new industry developments, you’ll likely have enough working knowledge to run the company without spending hours and hours of research. Your relationships, on the other hand, will deteriorate if not properly managed.
5. You Need to Become Pickier With Your Hiring Policies
The main problem a startup has when it comes to attracting talent is that it can offer them very little in the form of competitive compensation or benefits. This can force you to work with what you have rather than what you need. However, this restriction falls off a little as your startup becomes an established business.
Once you have more to offer, you can become a lot pickier with the people you hire – and you should be as picky as possible. As your company grows, you’ll be able to keep less and less of an eye on the day-to-day goings on. You need to make sure that every part of your office can work by itself without your oversight. Hire the best people, and you can focus on more important tasks mostly worry-free.
When your startup grows, your responsibilities will change – and it’s important that you remember that if you want to succeed as an entrepreneur. It’s a company now, with different needs, and you need to rise to the occasion if you want the business to keep thriving.
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Whether your business is thriving and you can’t keep up, or you are waiting on clients to pay their invoices, Universal Funding can help your growing company. Call us at 800.405.6035 or complete our rate form today to learn more about invoice factoring and how it can improve your company’s cash flow.
About Universal Funding
Universal Funding is a private funding source that has funded thousands of businesses and more than $2 billion since 1998. We turn your accounts receivable into the funding you need through invoice factoring and can have capital in your hands in a matter of days.