Recruiting: Business owners can not do everything themselves and will eventually need to hire employees. Bringing on people with specific skills and paying them enough without breaking the budget is a challenge. One solution could be to hire part-timers or freelancers until the business builds up its cash flow.
In the beginning, owners feel they can handle everything themselves. While the ability to multitask with many skills is admirable, the execution may be lacking. A smooth start needs people who are well-trained and skilled to shoulder the responsibilities.
An owner trying to do everything can create issues for the business with slow responses to customers and poor execution of normal business activities.
Employee retention: With unemployment rates at historic lows, recruiting qualified employees is difficult, but retaining them can be even more challenging. A company has to offer competitive benefits and make sure that employees are satisfied and productive with their jobs. Happy employees need recognition, days off and the belief that they will also receive promotions and benefits with the growth of the company.
Just like the business, employees need nurturing.
Delegating: At some point, an entrepreneur has to pass responsibilities to the employees. The owner has to come to the realization that not everything can be done by the owner. If the business is to grow, the owner must hire the best employees, train them and let them do their jobs.
The change from a do-everything owner to a manager of people is a crucial transition for an entrepreneur trying to develop and grow a business.