Building Confidence and Businesses: A Few Years Down the Line

Kate Wilde, Owner of Engage with Business.

Kate is a Norfolk based business mentor that specialises in business planning, one-to-one mentoring and peer support.

In this guest blog, I spoke with Kate about the challenges businesses face as they grow and what areas business owners should prioritise when developing their company.

Setting the foundations

Having had the pleasure of helping many individuals launch their businesses, it is incredibly rewarding to reconnect with them a few years later. Witnessing the evolution of their ideas and the confidence they’ve gained is truly inspiring. Fast forward a couple of years, and they often find themselves with significantly increased responsibilities.

Growing pains - business challenges

As businesses grow, the challenges evolve. What once was a solo enterprise, or a small team effort now requires a more structured approach. Managing a larger team means developing leadership skills and creating a positive workplace culture. It’s essential to invest in training and development to ensure employees are motivated and equipped to contribute to the company’s success.

With growth comes increased financial complexity. Business owners must become skilled in forecasting and managing cash flow. It is crucial to keep a close eye on expenses and ensure that investments in new equipment, vehicles, or premises are justified and contribute to the business’s long-term goals.

The market landscape is constantly changing, and businesses must be agile to stay competitive. This might involve exploring new markets or adopting new technologies. Staying informed about industry trends and being willing to pivot when necessary, can make a significant difference in sustaining growth.

Finally, strategic planning becomes more critical as the business grows. Setting clear, achievable goals and regularly reviewing progress helps keep the business on track.

Getting external support to see ‘the wood through the trees’

Becoming part of a peer support group can be invaluable. These groups provide a platform to share experiences, gain insights, and receive encouragement from fellow entrepreneurs who understand the unique challenges of running a business. The collective wisdom and support can significantly enhance your strategic planning and decision-making processes.

If some of the challenges Kate identified in this post resonate with you and you’re finding yourself working too much ‘in the business’ rather than ‘on the business’, get in touch with Engage in Business to see how Kate can help you develop a strategic plan to progress your goals.