cause,” he explains. Among the study’s findings were the following:
- Controlling their own time is often a problem for owners of rapidly growing firms.
- Health and safety regulations probably occupy a greater share of a business owner’s time when the firm is growing rapidly. Many small companies are exempt from some regulations, but others can become burdensome when a business is quickly expanding.
- The frequency of tax withholding deposits is another problem that becomes more bothersome as business sales rise fast. IRS regulations, such as more frequent withholding deposits, then become a larger issue.
“The first step to take in dealing with growth is to add good people,” says Matthews. “As the owner, you’ve probably been doing a bit of everything, making all the decisions. You’ll never really grow that way, though. You need to add talented people and delegate responsibilities to them.” Putting together a good staff can be invaluable as you strive for profitability and prosperity. Bringing on additional people does not always mean hiring a full-time staff. You can use temporary professionals to provide help during peak periods. —DJK