The EntreLeadership Podcast
Leading Well Through Growing Pains of Business
Nov 13, 2023
Learn how to expand your business responsibly, the challenges of expanding into new territories, the emotional process of handing off a business, managing risk in real estate and business, and the importance of building relationships as a leader.
45:32
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Quick takeaways
- When expanding a business, consider factors like cash, technology, and human resources to ensure smooth operations.
- To successfully transition leadership, focus on succession planning, alignment, trust, gradual responsibility transfer, and mentoring.
Deep dives
Balancing Growth and Consolidation
As the owner of a skylight contracting business, Scott is contemplating opening an additional location in Florida. The decision arises from an opportunity presented by a major skylight manufacturer. Dave advises Scott to consider three key factors: cash, technology, and human resources. He encourages Scott to evaluate if he has enough cash to support the new location without straining his current operations. Scott should also assess if he can successfully staff and delegate responsibilities in the new location. Additionally, he should ensure that his technology and equipment are capable of handling the expansion.
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