Small Business Part 2 – Small Business Resilience: Navigating Challenges and Thriving After Start-Up

1:45 - 2:45 p.m.

Small companies face many obstacles in their quest for growth and success, which puts their resiliency and creativity to the test. Maintaining consistent performance in the face of intense competition is one of the main challenges. Managing cash flow effectively is another crucial issue that arises during expansionary times. Businesses must make sure that revenue generation exceeds the rising costs as they invest in increasing operations. Ineffective cash flow management might put the company’s long-term survival in danger.

Businesses face staffing issues when they try to grow their workforces to keep up with demand. As the competition for talent increases, it becomes challenging to recruit and retain qualified workers. Attracting great talent is difficult for small organizations because they must compete with larger companies that can often offer more benefits and higher compensation.

When a business expands, maintaining operational effectiveness and quality control gets harder. At larger numbers, processes that functioned well may become unsustainable or inefficient, necessitating restructuring and optimization. Culture can also suffer as the company expands.
In this session we will talk about key activities that small business owners should focus on to manage growth for the long term. It is very typical that founders resist bringing discipline to their start-ups because of fear of losing agility, control and profitability. But if operations are not managed properly, they can become chaotic and performance suffers. The key activities are defining specialized roles, adding a management structure, planning and forecasting with discipline, and reinforcing core values.

Scaling up is challenging. Effective internal organization frees owners up and brings long-term survival within reach.

Sponsored by:

Presented by:

Cheryl Doll

Lizette Dubacher