Grow your business successfully

Entrepreneurs are the driving force behind creating and growing new businesses, but they can also hold their businesses back if they do not adapt. The skills needed to grow a business are different from those needed to start one.

Build the right leadership skills

As your business grows, you may need to develop new leadership skills. This can include learning how to manage teams, make strategic decisions and lead change effectively. You may benefit from training and mentoring to build the skills and mindset needed to support growth. 

Many development options are available, including the Help to Grow: Management Scheme, which offers government-subsidised training, one-to-one mentoring, and support to develop a tailored growth plan.

Learn to delegate effectively

Delegation is essential for business growth. This means trusting others (ie your management team) to take responsibility, and stepping back from day-to-day tasks. Effective delegation helps:

• improve efficiency
• encourage creativity and innovation
• focus your time and efforts on strategic priorities

As your business grows, you may also need to bring in external specialists or experienced managers to support key areas. Be open to feedback and willing to learn, as listening to other can help you make better decisions and take advantage of new opportunities. In some cases, you may choose to appoint a managing director or chairperson to support business growth, and free up your time to focus on strategic priorities.

Train and develop your staff

As your business changes, your staff may need new skills. You can support this by:

• retraining employees for new roles or processes
• investing in staff development
• carrying out a training needs analysis

Developing your team can improve productivity, increase job satisfaction and support staff retention, and also help your business adapt to change and grow successfully.