Growing pains can occur at any stage in the life of a business. They are a warning signal that something has gone wrong in the process of organizational development.
Recognizing growing pains is an important function of leadership. In a business growing pains can occur even in a one or two person firm. The following are a few of the most common danger signals:
- Running out of time to complete the day’s work.
- Too much time spent “putting out fires”.
- Owner feels that he must do the work to have it done right
- Business plan is developed but is gathering dust on the shelf.
- Profits remain constant or are declining.
Many of the growing pains’ danger signals are often attributed to company growth. However, adopting a no growth policy is not a solution.
A business owner must learn to manage growth and the changes that come along with it.
Like most problems in a business, the best way to remedy the situation is for the owner to step away from his daily activities and spend some quality time working “on” the business. Start working with your coach at the first sign of a growing pain; procrastination can have dire consequences.
It takes months to gain a customer… only seconds to lose them.
Nick J. Petra CFP www.strategicduck.com
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