Growing with your business: 10 challenges you will definitely face

If your start-up made it, you’re in. That is a misconception that is common to many people. Now it would only be a matter of scaling up before the millions pour in. Unfortunately, that is not the case. Growing your business comes with a large number of challenges that you have not yet faced in the start-up phase. In this article, we list 10 challenges for you that you will almost certainly encounter if you want to grow your company. We also give you tips on how to overcome these challenges.

Growing with your business 10 challenges you face as your business grows

As an entrepreneur with a growing company, you naturally know that challenges are there to be overcome. Otherwise, you would never have gotten to where you are now. But growing your business poses very different challenges than you have experienced so far.

Challenge 1: lack of financial resources

It is almost impossible to grow a company without investing. But to be able to invest you need money, which is sometimes quite difficult. Your start-up is probably not yet profitable enough to be able to make all the necessary investments.

The solution

Many companies choose to look for external financiers. With such a financial impulse you can often take very big steps in the growth of your company. Be well informed, so that you do not give away too much of your company in exchange for an investment.

Challenge 2: growing the business is no longer the focus

As you have grown the business, the chances are that you will spend more and more time on day-to-day business. You have many roles within your company, which means that you lose focus and have too little time to plan your growth.

The solution

Prioritize making your growth plans and schedule a fixed moment to reflect on them. If you don’t, it is very difficult to grow your company in the direction you have in mind. Write out life goals, annual goals, monthly goals, and weekly goals. This way you can see every day whether you are still moving in the right direction.

Challenge 3: find suitable personnel

Those who want to grow their business cannot do this alone. So you need staff. A process that takes a lot of time and energy and the outcome of which is difficult to determine. You read CVs and motivation letters and conduct job interviews to find the best candidates. And then it is still hoped that they want to work for you.

The solution

Determine in advance as accurately as possible what you expect from your staff and communicate this as clearly as possible. The vaguer your vacancy, the greater the chance that you will not get the right candidates. Pay close attention to the competencies, skills, and experience a person needs to have and don’t get blinded by CVs. Also, ask them what it takes to bond them to you for a long time and see if you can make that happen. After all, you are looking for motivated, competent employees who want to realize your growth ambitions.

Challenge 4: not knowing how to grow

You are reading this article because you are reaching the limits of your growth. In the current structure, you are unable to take the next step. That is a challenge that almost every entrepreneur sooner or later encounters, precisely because there are many roads that lead to Rome. What ways are there to grow further and which path is most suitable for you?

The solution

There are many ways to get help growing your business. For example, you can obtain advice online, or attract people who have already used this ax before. But what is also a major problem is that entrepreneurs are difficult to delegate. As a result, you do not have time to discover how you can grow further. Take a moment to see if you can drop tasks so that you free up time to work on growing your business.

Challenge 5: you forget your network

You have undoubtedly already built up a nice network. Many entrepreneurs forget to only use that network. It is very valuable to gather input from your network about growing your business.

The solution

Before asking for favors, it’s smart to hand them out. Therefore, invest regularly in your network by sharing valuable knowledge and helping others. After all, you cannot withdraw money from the bank if you have not deposited something into it first.

Challenge 6: innovation doesn’t work (anymore)

As your business grows, it becomes increasingly difficult to remain innovative. A larger company often creates more bureaucracy. This can lead to your organization being less flexible and innovative than before.

The solution

Embed innovation in your company. By ensuring that your employees are given the space to innovate from the outset, it becomes part of your company’s DNA. Encourage collaboration, be open to failure, and keep learning.

Challenge 7: “It’s okay.”

The right mindset is vital if you want to grow your business. Anyone who is satisfied with a stable turnover never dares to take the risks necessary for growth. Those who think too small miss out on those unique opportunities to take the next step.

The solution

Make sure it is crystal clear to you what you want with your company and why you want it. Of course, it is not obligatory to grow, but if you want to, you have to dare to act accordingly.

Challenge 8: do not color within the lines

It is teeming in all kinds of sectors of entrepreneurs. Nevertheless, there is a great risk that you will stick too rigidly to your own sector and therefore miss out on interesting solutions for your problems.

The solution

Simple: dare to walk off the beaten track. You have come this far by being innovative and taking risks, keep doing that. Look beyond the boundaries of your own industry to see how other entrepreneurs have grown their businesses.

Challenge 9: no control over your finances

The bigger your company, the more money is spent on it. And the more difficult it becomes to keep a grip on your finances. The problems are also increasing exponentially: not being able to pay yourself a wage for once is up to that point. But when you can’t pay your staff, you really have a problem.

The solution

Make sure you keep a grip on your finances and always know how you are doing. A good accountant is half the battle. A professional who can help you manage your money flows is practically indispensable. Do you want to keep doing it yourself? Then make sure you always keep up with sending your invoices, make a budget, take a critical look at your costs and make sure you know how to bookkeeping. But such an accountant is a good step in the context of delegating tasks.

Challenge 10: you lose your product/market fit

You have come this far because you are selling a product or service that solves a people’s problem. That is very simply your product/market fit. But once your company grows, it is a challenge to keep that ‘fit’. Maybe it is because your target group has different requirements or because competition has increased.

The solution

Be aware that you can lose a product/market fit. It’s too tempting to think that once you find it, you’re going to be rammed. Keep listening to your customer and adjust your product or service if necessary. And above all, keep moving.

Bonus tip: Growing with your business pains? Do not despair!

If growing your business were easy, anyone would and could do it. You already discovered this when you started doing business, but it is important not to forget that growing pains are always a part of it. It is logical that you sometimes doubt yourself and want to give up, but successful entrepreneurs will not let themselves be discouraged.

There are great opportunities for those who persevere and know that growth comes through trial and error. As long as it is clear to you where and for whom you are doing it, no challenge will be too much for you. Keep working on your goals and realise that you are not the first to struggle every once in a while. And seek help where you can!