S2E57: Four Challenges as You Grow Your Business

Small Business Survival Conversations

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Dr. Michael Troyer and Anna Steinfest discuss the four challenges that businesses may face as they grow. They first emphasize the importance of having enough money in reserve to support growth, including external sales growth, timely delivery, inventory management, and internal infrastructure. Secondly, they urge listeners to overcome the fear of delegating tasks to others and recognize that their time is the limit on their business's growth unless they delegate work. The third challenge is being honest with yourself about the potential for growth, with a clear vision grounded in data, customer excitement, and careful observation. Finally, the hosts caution against getting too excited and overestimating the success of their product or service, reminding listeners to stay grounded in reality and check for real enthusiasm from untapped markets. This episode provides valuable insights and practical advice for entrepreneurs and small business owners who are navigating the challenges of growing their businesses.