Often, an entrepreneur wants to grow his business and hold it in his hands as long as possible. But that may not be in the best interest of the business.
“Unless the depth and breadth of your management function is growing at the same rate as your business growth, you are asking for trouble,” says Danny Klienfelter, professor and extension economist at Texas A&M University.
That’s why you need to grow a management team. Bring in a herdsman, a chief financial officer and others as your business grows to make sure that your management capacity can effectively manage the size and scope of your growing business. (For more on this topic, please see “5 Signs business growth has surpassed your management” in the October issue of Dairy Herd Management.)