It’s no secret that being your own boss isn’t all fun and games, but there’s a certain thrill about the early stages of your business, right?
Watching your business escape its infant staging is infinitely rewarding as you see all of your hard work and late nights pay off.
And while it might be cliche to say that with great power comes great responsibility, there are some realities SMBs should take into consideration as they grow.
Below we’ve outlined five of those realities that tend to take business owners by surprise. By knowing how to deal with these issues ahead of time, you can explore unknown territory with peace of mind.
Rules and Regulations
Whether it’s dealing a lawsuit or keeping your business compliant during an audit, the regulatory details of running a business are going to pop up sooner or later. Having a working relationship with a lawyer is always a good idea, especially since they can clue you in on other legal loopholes you might not be aware of.
While you may have been able to skirt the rules during your early days, bear in mind that your business is very much under the legal microscope as it gets bigger.
Public Image Problems
First impressions and how you present yourself are always important, but especially key for those trying to attract the attention of investors and industry insiders. Building a positive public image is a combination of showing off your accomplishments and avoiding any potential PR snafus.
Rather than say or do anything that you might regret down the line, sometimes it’s best to simply tread lightly. This rings true when it comes anything from in-person appearances or social media. Also, remember that everyone in your company needs to strive for a squeaky clean public image and not just you.
The Fine Details of Your Team
Are you offering your workers revenue shares?
Is anyone on your team potentially toxic to your long-term success?
Are you hiring the best people possible, or are you working with the bare minimum in terms of your workforce?
The bigger you get, the more important the answers to these questions become. Scrutinizing your hires requires keen attention to detail and isn’t always fun, but is key to keeping in line with the previous two tips, too.
Defining Your Unique Selling Proposition
What sets you apart from the pack really needs to be stressed as your company grows. Considering that you’re always going to be compared to your nearest competition, having a unique selling proposition that grabs people’s attention is key to standing tall.
Whether it’s your brand positioning or something your product or service does that can’t be replicated, wear your USP on your sleeve.
Dealing with People in Your Ear
Finally, keep in mind that personalities might emerge that work against your best interests in your pursuit of success. Keep a close network and always trust your gut instinct; meanwhile, be wary of outsiders who just want a slice of your potential profits.
If your business is growing rapidly, these issues are inevitably going to come across your desk at some point. Understanding them ahead of time better prepares you for the future and ensures that you don’t deal with any unexpected growing pains.