As you begin a new year you may be looking at how to manage the business growth you envisage.

The transition of a business from small to medium sized is a challenging time for business owners, as they go from being in control of every aspect to realising the need to hand over responsibility to others.

There are some steps that need to be taken to ensure the standards which have been central to your success so far are maintained.

Finding key individuals is important, but time needs to be invested in training and encouragement to ensure they work to the high standards expected in your company. Eventually, this means that day-to-day you can refer work to people down the chain of command with confidence. This frees you up to concentrate on taking the business forward.

Atttitude is an important management skill. Its about finding solutions, not problems. You need to train and mentor your managers so they know what is expected of them. This will enable them to supply you with work to the high standards you require. They need you to allow them the freedom to then demand those same high standards from those further down the chain. This results in everyone knowing what is expected of them and being focused on maintaining the high levels you expect.

So, why do some owner-managers fall into the micro-management trap? It can often be down to a lack of confidence or a fear of loss of control, but if you put strong people in key positions with the skills and knowledge to perform well, they can provide you with a strong backbone of support and management. It is however essential that you provide ongoing training and mentoring so you are arming them with the right skills to continue to take your business forward and reward your trust.

Finally, it is important not to forget how vital it is to put robust systems and processes in place and keep them up to date. Put strong people in charge of those systems and test them regularly to ensure they remain effective.

Contact

Contact Mike on email (This email address is being protected from spambots. You need JavaScript enabled to view it.) or telephone (01793 533838)

More than a third of South West company owners completely lose motivation to continue running their business at least once a year, according to a new study by accountancy firm Haines Watts.

This figure is slightly above the national average of 35 percent and the research is based on interviews with 514 owners of UK businesses, of at least two years old, with a turnover of between £1 million and £50 million.

Read the complete story on Business Biscuit

Business owners would do any thing for their company. The real question is: at what cost?

How can business owners balance success with a healthy and happy life, and stay motivated?

Click here to read the full report...

Let me guess, your Wiltshire or Swindon business is your pension? We hear it all the time. We’re told that all the hard work will pay off and one day you’ll cash in and settle into retirement. But what if you don’t cash in?

Our Love or Money study revealed that over a third of business owners don’t have a pension. Maybe you’re one of them? We understand. You get so emotionally invested in your company that you pour your heart, soul and money into making it work. But there’s a difference between diligence and recklessness. Yes, you need to look after your business, but you also need to look after yourself.

In this latest article in our Love or Money series we investigate the financial gamble business owners in Swindon, Wiltshire and across the UK are playing with their futures.

Are you a gambler?