2. Understand the differences between small and large businesses
Large businesses are not merely smaller businesses scaled up. If you had to do everything that you do now, but at 20 or 50 times the volume, with greater time pressure, things would likely stop working quite quickly.
That’s why it’s important for every entrepreneur to understand some of the key differences between small and large businesses – how they operate, how they function, and how they speak to and connect with their customers. Take a look at these amazing female South African entrepreneurs working hard to grow their businesses.
Think about any small corner shop. It’s a business with a small to medium number of customers, it offers a limited range of items for sale, and the owner likely knows many of the customers personally. Now compare that to a large supermarket chain, for example. There are many goods for sale, a large number of customers, and the feeling is far less “personal” than in the smaller shop. In addition, to keep the supermarket running, a large number of invisible processes such as warehousing, cold-chains, stock-taking and pricing changes go on all the time.
Consider your business as it stands now, then imagine what your business would look like if it had to grow. How would you manage orders? Would you be comfortable hiring extra staff? Would you need to automate processes that are currently manual? Do you have the right technology to allow you to scale?
By understanding the implications of growing your business, you help chart a way forward, and imagine what possibilities exist.