Is Your Business Stuck? Here's How to Break Through the Invisible Growth Barrier.
Curated from: entrepreneur.com
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Product-market fit
You may simply have hit the demand limit for your product or service, and you may need to redesign it to suit a broader audience.
This requires a big change in the way you do business — hiring, training, management, project management, quality assurance, account management and sales.
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Departmentalization
When your business is turning over around a million, you might have ten or a dozen people on your team. You’re all super-aware of what’s going on. You will work nights to get a big order out or prepare for a big pitch. You read each other’s minds and jump in to help. To some degree, you are all capable of doing each other’s jobs in a pinch.
North of this first million, and it starts to become important that you have specialists, and sometimes specialist teams. That means new management and new processes. Sometimes you will find there is an inner circle (the original team) and everyone else.
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Caliber of staff
At this stage of growth, you begin to need more experienced staff to manage teams and bring in workflows and practices that they have seen work well elsewhere. In other words, you need more senior people.Except you can’t afford the really experienced ones yet.
Up to the first million, you were training great people you worked well with to deliver what was in your head. Now, you need to hire people with expertise. They are expensive. Perhaps you need to do without a few junior staff. Or sacrifice your own salary. Or give away shares.
This is where it gets seriously frustrating. It’s not so much that you come unstuck, it’s the opposite. You grind to a halt. You stall. Your business just stops growing.
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So how do you break through the growth barrier?
This is why you are stuck: You cannot grow because you are optimized for the level you are at.
The only way to do it reliably is to use a systematic approach and involve the people who are going to be the future of the business.
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