Business Growth: Are You Having Growing Pains?

Growing a business is exciting, but it does not come without doubt or anxiety. One problem that can cause anxiety is difficulty “keeping up with demand.” This demand can take different forms: there is consumer demand and skill set demand. Consumer demand is often more straightforward and easier to handle. Skill set demand, however, can be complex and overwhelming to many business owners.

Consumer Demand vs Skill Set Demand

First, what do these different types of demand look like? Consumer demand is, like it sounds, increased customer demand for the company’s products or services. Experienced business owners usually do not have difficulty getting their arms around this kind of demand.

Skill set demand looks a little different. Put simply, this is when the business has grown to require additional skill sets. This can be stressful. It can cause the business owner to wonder if they are still the right person for the job. This fear is real and not “in their heads”— the skill set required to get from $0-5 million in revenue is different from that required to bring a business from $5-10 million. The business owner is uncertain if they have what it takes to get their business to the next level, and most importantly, do not want to let down their employees and customers.

1719 Partners’ Support

In these situations sometimes it is helpful to work with an experienced third party. The principals at 1719 Partners have a long track record of success helping business owners tackle skill set demand. We see this not as a problem, but as a big opportunity. Experiencing these growing pains means the company is successful and has potential for even greater success with the right support.

Oftentimes, the business owner is attached to the company and does not want to stop his or her involvement in the business. With 1719 Partners’ support, the business owner can have the best of both worlds: financial support to grow while retaining business ownership. There is also the third benefit of our managerial expertise. All in all, 1719 Partners makes a good growth partner when it comes to taking a business to the next level. If you would like to learn more about our approach or are curious about working together, please contact us.