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Common business growth mistakes

Start doing the things you hate

“But I like making clay pots and I hate managing people.”
It’s easy to forget that growing your business means spending more time managing than doing. Some people like this; others end up missing their craft and bemoaning the fact that they have to deal with all the hassles of running a larger business:

• Managing people

• Entertaining clients

• Schmoozing the bank manager

• Dealing with the auditors

If, like so many others, you find that managing finance and people has turned out not to be one of your greatest strengths, then you have the choice of either going back to being a smaller business or getting help and training in small business management.

Alternatively you can employ the services of a business mentor or non-executive director. They can help to brainstorm some of the strategic issues and allow you to spend a bit more of your time going back to doing the things that you enjoy.

Where's the Exit Strategy

If you’re planning on retiring in the next three to five years, you need to think about your exit strategy now.

This is a way of realising the value of your business in hard cash, either by selling it to a trade buyer or by floating it on a stock exchange such as the Alternative Investment Market. In fact, most small businesses exit by trade sale.

It could be that you, the individual, pretty much is the business: if you’re in a service based industry with only a few employees, then business is down to you, your chargeable time and your contacts. In that case, the business isn't worth very much without you.

So if you’re planning to sell the company in the foreseeable future, it's useful, if at all possible, to develop products, services and systems that are not heavily dependent on you as an individual, thus increasing the value of the business to potential purchasers.

© Envestors Ltd

Reproduced with the permission of Envestors Ltd.

For extensive information about starting a business and raising finance, see www.envestors.co.uk


More pages

Page 1: Growing pains
Page 2: Start doing the things you hate

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