Page 284 - merged.pdf

CHAPTER 9 GROWING YOUR BUSINESS EMPIRE

If you do not solve these people problems, you will find yourself
losing your key employees and they will take away the
experience they have accumulated in the business. In fact,
the primary reason why many companies fail at this stage is
because they are not able to retain their key talents.

You must therefore turn your attention and focus on sustaining
the morale of your troops and building bonds between them
through constant engagement and communication.

Management & Leadership style:
At this stage, you would need to change from a directive
management style to a coaching style of management.
While the first stage of growth required you to be solely task
oriented, you will now need to be more people oriented at
the same time.

Besides just telling people what to do and focusing on
getting the work done, you will have to also focus on
building group harmony as well as team cohesiveness.
You will have to encourage your staff to share their ideas and
opinions, listen to their feedback, give recognition and resolve
potential conflicts.

Stage Three: Advanced
Growth Stage

As you successfully navigate the
challenges of the early growth
stage, your business will enter the
advanced growth stage. At this
stage, your company would have
consistently grown its profits for
more than five years.

SECRETS OF BUILDING MULTI-MILLION DOLLAR BUSINESSES 275