4 Ways Growth Can be Painful in Your Business
There’s a reason we have the term “growing pains” in our collective vocabulary: growth can be painful! In your business, the periods that are the most stressful and overwhelming are usually also the periods where you experience the greatest growth and forward momentum. That’s why it’s even more important to have a clear strategy during those times, so that you can focus on one step at a time, keep your wits about you, and power through the painful period in order to come out victorious on the other side.
Though there are several reasons you might be experiencing growing pains in your business, in my work with entrepreneurs I’ve found that there is some common ground here. If you’ve experienced painful growth in these areas, know that you are not alone! This is an experience shared by almost everyone who has ever tried to run a business.
4 Ways Growth Can be Painful in Your Business
1- Hiring Your Team
When you hire another person in your business, the sense of overwhelm usually comes down to two factors: finances and operations. Whether it’s your first hire or your 15th, expanding your team can absolutely cause some growing pains in these areas.
- Finances: You may never feel like you’re “earning enough” in your business to pay someone else, but when most entrepreneurs get to the point of needing to hire someone else, it’s because they have simply hit a plateau. They cannot earn more money on their own, because they just can’t take on any additional workload. Hiring someone else—and paying them for that work—is often a financial hit at the beginning. Soon, however, you realize that by paying that person to take on some of your workload, you’ve freed yourself up to move to the next income level as a result. This is true of every new hire, so you should expect a little bit of financial strain each time, but it should resolve itself shortly.
- Operations: There’s a learning curve at the beginning of the hiring process every time. The new person needs to learn the steps and skills of their duties, but you also need to learn how to explain those steps and skills to another person. If you’ve been doing the work yourself, chances are you haven’t written out an onboarding process for that, because you just knew what to do all along. Now you’re going to have to invest some time up front to train your new hire; but once you’ve done that, having them take over that work is going to save you significant time in the future.
Hiring a new team member is painful because it requires an up-front investment of time and money, without an immediate return on that investment. However, if you’re playing the long game toward sustainable growth, this investment is absolutely worth it.
2- Unexpected Growth
Sometimes, growth just sneaks up on us out of nowhere. You may find yourself mentioned by a key influencer on social media, or your clients have all decided to refer new business your way at the same time, or perhaps you’ve just gained enough traction that you’re starting to see the natural momentum in your business increase.
Whatever the source of your unexpected growth, it can feel like one day you were just cruising along at ground level, and the next you’re expected to know how to fly at top speeds. It will take some time to reorganize your systems around this growth, and to make a plan for how to address it in the long-term. Having a reliable, repeatable procedure for tackling goals and To Dos is key to riding the waves of unexpected growth in your business.
3- An Influx of Clients
Remember a few months ago, when you were hoping you could round out your client roster a little more fully? Now, all of a sudden, you have more clients than you know how to manage! It can feel like this type of growth comes in surges, and often we don’t realize our maximum capacity for handling client work until we reach that capacity.
If you’re at this point, you have a few different options available to you:
- End your relationship with any clients who are not an ideal fit, in order to make space for new clients who are more aligned with the type of work you want to do or the type of working relationship you want with your clients.
- Hire new contractors or employees to help you manage the workload
- Raise your prices so that you can afford to work with fewer clients; those who aren’t able to retain your services at that price point will naturally fall off, and the ones who remain will allow you to work less but earn the same or more income.
While an unexpected influx of new clients can throw you for a loop at the start, it often provides an opportunity to shift or pivot your business to a point where you are earning more income or doing the type of work that is more in line with your desired workday.
4- A Significant Life Change
You may be a business owner, but you’re also a human being, and that means that occasionally the changes in your personal life are going to affect your business. Some of these life changes may include:
- Divorce, marriage, or new romantic partnership
- Becoming an “empty nester” for the first time
- Having a child
- Retirement for you or your spouse
- Moving or beginning life as a digital nomad
Having a system in place that you follow regularly in your business can mean that you are ready when these life changes arise. You can make a plan to give yourself time to transition through the change, to re-evaluate your goals, and move forward with your new life status and your business.
No matter the scenario, early preparation is the key for navigating unexpected changes in your life and business so that you can reduce the amount of overwhelm you feel in the moment and keep moving forward with a clear plan. If you’d like to be prepared for whatever life and business throw your way, I invite you to join me in my workshop, “3 Strategies to Minimize Overwhelm, Reduce Stress, & Produce Results that Matter.” We’ll work together to set you up with a system that you can follow any time your business gets overwhelming, so that you can get back to work and back on track to reach your goals.
Register now to join me for the workshop, happening September 9th from10:30 AM TO NOON PT.
I look forward to seeing you there!