You’ve managed to keep your startup going and now you’re seeing real growth and the promising aspect of establishing yourself into a main player in the market. However, once beneficial traits may now threaten your success and it’s important you know that now’s the time to move on.
A business has to do things differently in its startup stage, compared to when it becomes more established. Knowing when to make these changes is essential if you want your business to keep growing and not fall, just as it’s found it’s feet.
Here are 4 things that were once were essential for the survival of your startup, but could now potentially be harming your growth.
Trying to Do Everything
As the entrepreneur of a startup you really have to be the jack-of-all trades. If there’s something to be done, you do it. If you don’t know how, you learn – and fast!
Resourcefulness is an excellent trait but you need to see other people as resources to use. Your time is valuable and should only be spent on the tasks that really contribute to the growth and success of your company.
For everything else, learn to let go and trust that other people will get these jobs done. If you’ve hired correctly, they’ll do a better job of it than you could!
Only Listening to Your Own Advice
When we’re trying to get our venture off the ground, there’s not really a lot of people we can ask for advice. We then start to listen to our own instincts and trust the calls that we’ve made so far to get us here.
It can therefore be difficult, after getting it mostly right up until now, to start taking other people’s advice on board, particularly if it goes against our own instincts.
However, established businesses have the resources of more minds, particularly people who have lots of experience in their field. It’d be foolish to discount everyone elses advice simply because they’re not you.
Work together to create plans for the benefit of your business. You will have to compromise and accept the fact that you’re not always right.
Working All Hours
Even though we really shouldn’t, it’s easy enough to rack up close to 100 hours of work a week with our startups. The work never seemed to end and you always seemed to be on the brink of something late at night, scared to step away from it all in case it disappeared before the morning! It was a constant balance of teetering on the edge of burnout.
However, it’s not like that any more and it’s time to re-establish a work/life balance. It can be really hard to let go and step back, but you have people now that are helping the business to grow when you’re not there.
If you’ve been lucky enough to avoid the burnout until now then there’s no point in tempting fate. You’ll never go back to the standard 9-5, but working all the hours available like you did for your startup, is a recipe for disaster.