Entrepreneurs often want to grow their businesses, yet hold it in their grasp as long as possible. However, that may not be in anyone’s best interest, including the business.
“Unless the depth and breadth of your management function is growing at the same rate as your business’ growth, you are asking for trouble,” says Danny Klienfelter, Extension economist at
That’s why it is critical to develop and grow a management team. If you are to be totally honest with yourself, it may become clear that as your business grows and changes, chances are you cannot do it all. Yes, that can be a hard fact to admit.
Bring in a herdsman, a chief financial officer, human-resources director and others as your business grows to make sure that your management capacity can effectively direct the size and scope of your growing business. It also expands resources and opportunities that lead to fresh, ideas.