I often see how small business owners, even those with £1m+ turnovers, can hesitate to expand due to a perceived increase in administrative demands, with which they feel they are unfamiliar.
Common concerns include:
🔹 Setting budgets and forecasting cash flow
🔹 Understanding your numbers and trends as you get bigger
🔹 Securing financing
🔹 Managing HR and payroll
🔹 Implementing secure, collaborative IT systems
🔹 Identifying expansion opportunities
🔹 Selecting appropriate pension plans
Ironically, these “administrative” tasks can be the simpler aspects of growth. The real challenge lies in the core operations – running an engineering firm, managing an architectural practice, or leading a marketing agency.
It’s akin to a “Who Wants to be a Millionaire?” question: “Who was the 45th President of the United States?”
For some, this question might induce panic: “Wow, so unfair! How on earth can you expect me to know that?”
Others might think: “What an easy question for such a large prize. Of course the answer is, it’s the Donald.”
💡 The key takeaway: What seems insurmountable to one person can be elementary to another with the right expertise.
Don’t let administrative concerns hinder your business growth. Instead, consider “phoning a friend” – and even better if that friend is a Master of Business Administration.
Their expertise allows you to focus on the ‘difficult’ bits that truly matter: the industry-specific knowledge, connections and know-how you used to build your successful business in the first place.
Remember, expanding your business doesn’t require you to become an expert in every aspect of administration.
It’s about leveraging the right resources and expertise to support your growth while you continue to excel in what you are good at and what you enjoy doing.
What do you think?