After years of hard slog, is your business now up and running? Are you dreaming of bigger things? But are you encountering hurdles in reaching the next level?
This great article by FSB highlights numerous stumbling blocks faced by new businesses in this situation. I will not attempt to summarise the whole article, but it is clear that a few key issues resonate with many entrepreneurs. I will highlight two in particular:
- the attributes required for starting a business are not the same as those required for growing it; and
- the fear of red tape.
The attributes required for growth
One attribute in particular stands out as necessary for growing your business: the ability to allow others to assist you with your work. Do you think Peter Paul Rubens personally performed every brushstroke on his numerous paintings that decorate churches and stately buildings around Europe? Certainly not. A large team of assistants worked under him. Some paintings he did all himself; on others, he painted the hands and faces; and some he only supervised. He had the courage to allow others to assist, and thereby created an immense portfolio of work. His artwork really did become an industry.
To truly grow, you need assistance from professionals in other spheres, even if that means less control over your business. Several of our blogs approach, from different perspectives, the issue of how to grow your business.
The fear of red tape
I cannot deny that recruitment entails risk. However, for the reasons provided by the FSB, if you want to grow, it is essential you take these risks – after all, setting up the business in the first place entailed risk. Moreover, if approached correctly, employment law’s “red tape” should not pose insurmountable hurdles.
I address some of the issues in this blog posting, and we provide a free employment questionnaire that can be downloaded here. Alternatively, you may wish to join elXtr for a more extensive suite of employment law documents, and we also provide more personalised assistance, for advice or litigation, if requested.
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Mr McTague concedes it’s difficult for small firms to hire in anticipation of future work, while Mr Wick says that “one person’s breaking point can also be another’s excitement”. “The feeling that certainly unifies both is fear about employment law ‘red tape’, and the worry of hiring people who turn out not to work, but then not being able to get rid of them,” he adds. “Sometimes it can be better not to risk growth, but carry on as you are.”