How close is your business is to profitability?

In our survey this fortnight, we asked how close your business was to profitability. While 12 per cent of you sadly fear that you may never be profitable, the vast majority is positive about the future, with 68 per cent either already profitable or expecting to be so by next year.

That’s certainly good news, but as your business grows and begins to expand, further challenges lie ahead. Luckily, these are welcome challenges and all part of running and growing a successful business; you may be in a position to move to larger premises, to begin a more aggressive marketing campaign or to take on more staff.

If you are thinking of expanding your workforce, there is one thing you’ll have to learn fairly quickly, and that is the art of delegation. Everyone has a different approach to delegation, but there are a few important points to remember that should hold true across the board.

Firstly, remember that you can’t do everything. This is your business and you have seen it grow, but you have to learn to let go of some tasks and navigate your team through. Delegation means shared responsibility, not loss of control over parts of your company. The successes of your team are your successes, but remember that goes for the failures too.

The trick is to make sure that the team you have in place is strong enough to allow you to have total trust in them. That means having a rigorous recruitment procedure and being brave enough to allow your staff to make mistakes and to learn from them.

Lastly, try never to delegate for the sake of it. You have your responsibilities and, if you’ve allocated tasks efficiently, so will your staff. If there is something you can do more efficiently than asking someone else, then it might be better just to get on with it.

Adam Wayland

Adam Wayland

Adam was Editor of from 2006 to 2008 and prior to that was staff writer on sister publication BusinessXL Magazine.

Related Topics


Leave a comment