| The latest question from the Ask a Mentor series comes from Tasha Dauphine of Everten. |
Question:
“How do we move from a small to a medium business and still make a profit? Also, how do we maintain our company culture?”
Answer from Mentor Linda McDonald: Growth usually comes in small steps by adding contractors or employees, new products, new locations, etc., depending on the nature of the business. You should consult your accountant before making significant moves so he/she can help you plan your cash flow. When adding people to your business, think about what work is best for new people to be doing in conjunction with what you, the business owner, should be doing in the business. Remember you should be spending more time working ON the business rather than IN the business particularly as it grows. You also need to have a good business plan including financials which should be reviewed and modified if necessary at least annually. That provides a framework for your business and growth can be planned more carefully. You can maintain your company culture by careful recruiting of new staff. Start with a job description and a person specification. It’s a good idea to have your company values written and communicated to new staff as they come into the company. Explain clearly your expectations of a new person. A good induction program for new staff that reflects the culture is also important. Where possible put systems and procedures in place which reflect your culture ,e.g. customer service procedures, staff procedures and policies and also ensure everyone knows what is expected. This is a short question for a complex issue. I hope this brief response is of some use. If you want more details, feel free to contact me again. For more detailed answer I would need more information about your company and the business.
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