During May and June we celebrate the fastest growing private companies in Northern Colorado and the Boulder Valley with BizWest Media’s Mercury 100 Awards. Companies that may be looking for a spot on this coveted list may benefit from asking themselves a few questions while striving for or managing substantial growth within their business.
- Do you have the best partners on your team? And we’re not talking about employees. CPAs, attorneys, payroll specialists, bookkeepers, and business coaches are just a few of the consultants that can take your business from dwindling to exploding in a matter of months. Do not be afraid to hire people that can manage the details and specialists that can advise on the bigger picture, so you’re able to focus on your strengths in running your business. Using the skills of those around you can ensure that tasks are completed correctly the first time around, which will save you money (and a major headache) at the end of the day.
- Have you chosen the right entity structure for your business? Since the Tax Cuts and Jobs Act took effect at the beginning of the year, there has been a significant amount of information bouncing around about becoming an S-Corp, C-Corp or LLC. There are pros and cons to each entity structure and it’s important that you are doing all the necessary research before settling on one. I would recommend sitting down with your accountant to determine which entity type is the most advantageous for your company.
- Are your internal controls established and well-managed? Internal controls are the policies put in place to safeguard your business assets, prevent errors and reconcile business activity. Sounds simple enough right? Unfortunately, these policies are not always very easy to establish, implement and manage; but they are imperative for long-term success. If you do not have functional internal controls yet, you will want to get them in place sooner than later and the easiest way to start is to pick a few key controls you would like implemented and begin weaving them into your day-to-day or monthly processes. This will not only protect what is most important to your company, it will also provide a much-needed peace of mind.
- What does your hiring process look like? Are you recruiting the best people for the job or just filling the empty voids in your organization? Poor employees can take a catastrophic toll on your success but many times a decision is made in only a few minutes with an interviewee deciding whether he/she has potential. During the interview process, ask questions that prompt critical thinking and demonstrate examples of the successes you would like to see in your company. Ask a potential employee about instances where they had a measurable impact on a job or organization or to explain a situation in which they pursued a goal in such a way they were unstoppable. It may be helpful to understand how a person views and has overcome obstacles in their life. Once a decision has been made regarding a candidate, offer them the best position for their skill level and continue nurturing their workplace goals long after their hire date.
- How healthy is your company’s culture? It’s not surprising that employees who enjoy their job are happier, tend to be more productive and are likely to stay with the company for a longer amount of time. It is important to keep your finger on the pulse of the company and to make changes and shifts accordingly. If the culture is ever taking a downturn, try the following steps: begin implementing short-term goals to refocus the team, take the time to sit down with each individual in the organization giving them the opportunity to be heard, and follow through with promises. Most importantly, focus on the people.
Whether a business has been operating for one year, five year, or more, substantial growth can be tricky but attainable. If your company is on the path to becoming one of the Mercury 100 Companies, encourage your entire team to join you on the journey. I’d be happy to join you on this journey as well. If you need any guidance, please don’t hesitate to contact me. You can reach me at 970.352.1700 or firstname.lastname@example.org.