By Michael Luchies, Kahuna Accounting Content Director
Kahuna Accounting works with small businesses that want to grow, but why? Why wouldn’t Kahuna want to work with any small business, whether they are just trying to survive from month to month or trying to triple the size of their company in the next two years?
It’s because growth is extremely important.
Business, and the world in general, doesn’t stand still. If you’re not growing, you’re settling on slowly withering away. You’re also putting all of the stress and responsibility on your shoulders by remaining in the same place when you could bring in additional help to get to a better, more comfortable place.
Here are eight reasons why building a business bigger than yourself is important.
It Frees Your Time to Make More of an Impact
Wait, how does growing a big business free up my time?
Growing is impossible without delegating certain aspects of your business. If you’re building your company the right way, you’re finding skilled people to take on specific tasks that they excel in. Delegation allows you to focus on your specialty, which is likely to be the core function of the business.
For example, Kahuna Accounting works with hundreds of lawyers who also play a major role in their business. Each billable hour is worth $150-400/hour. So if they spend two hours on bookkeeping, they just spent $300-800 on a service that could’ve been done better and far less expensive by a bookkeeper or virtual team. When they outsource their accounting, they have more time to spend with clients, which is why they got into law in the first place.
More Time for Family
Not only does growing help you free up your time to focus on what’s important in your business, but it also allows you to focus on what’s most important in life – your family.
Growth-oriented entrepreneurs may not all want to work four-hour workweeks and be out of the office more than they’re in it, but they have the freedom to make that decision. My dream is to grow so I can be a father and husband more than I am a non-stop entrepreneur who works from the time I wake up until I go to sleep. Since I need to make money to support my family, the only way to spend more time with my family is to make more money, which comes from growing my business.
Become an Employer
Hiring comes with the responsibility of managing, but there is nothing like being an employer. To lead others towards a goal while your business provides for them and their families is truly a special privilege and something entrepreneurs shouldn’t take for granted. Being a responsible employer has an impact on the lives of employees, your life, and the entire community. This is an often overlooked benefit of growing a business, but its importance cannot be stressed enough.
Create Wealth for Your Family
Creating and growing a business is a tremendous commitment. You put everything into it, including most of your time and energy, so it’s only fair to get as much out of it as possible. Your business should serve as a wealth vehicle – driving your family to a higher income level and giving them new possibilities. From paying for your child’s college tuition to being able to take family vacations around the world, creating wealth with your business matters. It can improve your family’s quality of life and be something that you can pass down after you’re gone.
Grow Your Legacy
What do you want you and your family to be known for?
Your family’s legacy is what people will remember you for. Building a business that serves customers faithfully and supports the community is something worth admiring and remembering.
There is a psychological effect that comes with growing our business’. As our focus expands beyond ourselves and a single job, we get more out of life. We have more joy, more excitement, more purpose and more meaning. A slight shift in our mindset can yield wonderful results in other aspects of our lives outside of business.
Taking Tasks Off Your Plate Lowers Stress
Stress is a killer, literally. In fact, chronic stress is linked to the six leading causes of death!
When you’re stressed, you can’t work effectively, and it’s hard not to be stressed if you’re juggling 20 jobs within your business. Give yourself a break and grow enough to delegate some of that stress.
Lower Business Risk
If the worst happened today and you passed away, who would take over your business and lead it tomorrow? Do you have a succession plan in place?
Growing your business forces you to have a structure that your business can grow with. This means you have other leaders and people in place to handle important tasks if the worst was to happen. The more structure and planning you have in place, the less at risk your business is.
Owning a business is a tremendous privilege and responsibility. We owe it to ourselves, our families, customers, and employees to make the biggest impact possible, and that comes with growth. Growth is important.
Good luck on your journey and I hope to see you at the top!