- Business Growth
- My business is growing but I cannot afford staff to share the workload.
- Reply To: My business is growing but I cannot afford staff to share the workload.
Reply submitted 16/07/21 @ 05:41am::
Kia ora Jenjen,
I have some advice around a few things
1. I think seeing a business coach specifically skilled in growth strategy including profitability would be a good investment, in my experience it is normal not to pay yourself in a small business for maybe up to year, but paying yourself is a vital part of running a business, doesn’t matter how much but if you don’t make money doing what you do then that would be the first step.
2. Affording to pay people to help you with content, I am a content writer, and there is more than one way to get someone’s expertise on board, you can do any of these options with the right people
* Contra, share skills hours or work traded for work – Neither make actual money but if it is for a short period of time to get you over the growth hump it can work, I wouldn’t run like this for long, it would be an ‘until’ you can afford to pay someone
* Consider contractor (young and emerging) on an hourly and by project rate, get the estimate up front. Break the work down into project sizes and ask for some rates
(How long to re write my home page for example)
* Align or partner with other businesses who serve your customers but can add value with complimentary services, Collaborate, make sure you share values, mission, vision but just have complimentary services, then agree to share data bases in exchange for work each way
Those are a few ideas, this growth phase is usually a chicken and egg situation for most, you have to take some risk in order to get over that hump in earning.
Sometimes it is also good, if you haven’t already, to look at bigger longer term maintenance type projects, I don’t know what you do because you haven’t explained that but to have some good solid cashflow work as part of your week can really help with decisions to pay people to do work
I would advise investing back into this growth phase instead of innovation if you have already done alot of that, because it is no good unless people know you are there and what problems you can solve.
I hope that helps a little