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As your business grows and you’re moving from a Big Small Business to a Small Big Business you really need to accept the fact that you need more structure and more procedure in your business and this includes looking at the support you need as an owner.

Early on in business life you need support, but really you’re running the show. You’re involved in all aspects of the business on a day to day basis.  As the business starts to grow, what you need in terms of that support, operational support, strategic support, will change. 

That starts with looking at your management team. The first thing that you need to do is look at whether or not your management is fit for purpose and consider actually what you need from the management team. To do that you need to assess the skills of your management team, whether they’ve actually got what it takes to help you take the business forward. But it’s about a lot more than that.  It’s about, do they share your vision for the business, your goals for the business, what it is you’re trying to achieve within the business?

In order to do that you’ve got to have a plan that you share with those members of the management team, but ultimately you are on a bit of a journey with them and I think you need to acknowledge that not all members of the team are going to be there for the long term. Just as you might need somebody up to a certain point, you might need somebody different to take the business to the next stage of its development. So don’t shy away from that decision – if you need to make those changes for the good of the business long term, then t you should do so.

However, you should also be looking at development of your management team, trying to give them the development and training that they need to try to reach the next level. But, don’t be afraid to make those hard decisions if that’s what you need to get the support to grow your business.

Want help in assessing whether your current management team is fit for purpose? Download our management skills evaluation sheet

Find and contact your local Haines Watts office

About the author

Darren Holdway

Darren has worked with owner managed businesses for over 20 years. Darren’s clients include a diverse range of businesses enabling him to consult not only on financial issues but on strategic, management and business issues.
As well as being a Chartered Accountant, he is also a member of the Institute of Taxation and has completed a ‘practical’ MBA at Cranfield Business School.

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