From hiring new employees to moving to a larger office space or opening a second location, managing growth in your business comes with a unique set of challenges, and it’s important where and how you spend your money. While there are some common challenges, no two businesses will grow or expand in the same way. NAWBO leaders are always proud to share their best tips and experiences with other women business owners, so we’ve asked them for their insights on managing growth.
What’s the Best Advice You’ve Ever Received About Growing Your Business?
“Read and implement Traction by Gino Wickman.” —Mary Quist-Newins, President and Founder of Moneyweave, LLC, President of NAWBO-Minnesota
“You won’t grow your business by sitting behind your desk in your office. You need to get out of your office to build relationships, learn, grow and get the word out.” —Julia Aquino-Serrano, President of PA Consultants, All Systems Grow, President of NAWBO-Ft. Lauderdale
“Hire slow, fire fast. You don’t want to spend too much time training someone who is not willing to go the extra mile or who doesn’t fit in your culture.” —Brandy McCombs, President of International Builders & Consultants, President of NAWBO-Kansas City
How Big of a Role Have Relationships Played In Your Growth to Date and How Will you Leverage Them to Reach Your Next Level?
“Relationships are the primary drivers of growth through referrals. We have strategic plans in place to cultivate strong centers of influence and client relationships. Our plans focus on consistent, ongoing contact, communications and outstanding service that add value at every interaction.” —Mary
“Very important! Relationships drive 100 percent of my business. People do business with people they know, like and trust. I give as much as I receive. I look for relationships where I can refer business, support their growth, be a mentor or learn and grow. The result is continued growth, in more than just business.” —Julia
“Relationships are KEY to the growth of every business. People have to trust you to do business with you. Once they trust you, they will tell others about who you are and become ‘your cheerleader.’ Everyone needs a cheerleader!” —Brandy
What’s the Number One Attribute You Look for When Hiring New Employees to Support Your Growth, and Why?
“A passion for competent, comprehensive financial planning and advice (vs. selling financial products). This is the core of what we do, what we believe and how we differentiate ourselves in the marketplace.” —Mary
“Similar values, integrity and work ethic (a cultural fit)—because if that isn’t there, the rest doesn’t matter. You can be the smartest person in the room, but if there is a misalignment in values, you will be working in quicksand.” —Julia
“Passion. If you have passion, you can teach others anything. If there is no passion, then how will you teach someone how to be passionate?” —Brandy
What Are You Doing Now to Make Sure Your Business Remains Or Is Even More Profitable As It Grows?
“Get the right people on the bus.” —Mary
“Ensuring that anything we do ‘serves’ the client’s needs and adds value. It is not about marketing or selling or having the lowest price, but truly about understanding the client’s needs so those needs/issues can be resolved and provide measurable value to the company.” —Julia
“Networking. Like I stated before, if you get people to trust you, then when they see you often, they become even more trusting. It’s kind of like a TV commercial—when you see it all the time, you start believing and want to see what it’s all about. That’s why ‘As Seen On TV’ is so successful; you see it all the time and you have gained ‘trust’ in what the product has to offer.” —Brandy
What Has Your Growth to Date Taught You About Cash Flow Planning and Management That You Wish You Knew When You Started Your Business?
“Outsource financial management (i.e., bookkeeping and payroll, tax accounting) at the very beginning. Even if you have the skills to do these tasks yourself, they are a huge time and mental drain.” —Mary
“You have to know your numbers to grow your numbers. Many, many business owners worry about how much money is in the bank today, instead of understanding what the results were from the past, planning for pipeline in the future and managing today.” —Julia
“Having policies and procedures in place before you grow is very important. Document them to use as a tool to teach others so they can refer back to them. I did not do this, and then I hit a growth spurt and am now playing damage control. You don’t want to play damage control. Be proactive, not reactive.” —Brandy