Learning to micromanage is key to business success

4/14/2011

Thanks to new government programs and initiatives, small business owners have better access to commercial loans, which should enable them to grow. However, some entrepreneurs still struggle to do so. As the American Express OPEN Forum recently suggested, sometimes there are unforeseeable roadblocks that prevent a company from expanding.

For most businesses, it's the entrepreneur's inability to let other employees make high-level decisions. At the start of a company, the owner is involved in every aspect. However, as it grows, they need to sit back and stop micromanaging. Not enabling loyal employees to take on responsibility can hinder the growth of the company.

"If a salesperson has to come back to you for approval for everything he does, you become the choke point for deals - and you'll inevitably stunt company growth," Ingar Grev, CEO and head strategic coach for The Growth Coach of the National Capital Region, told the source.

Other growth inhibitors include the inability to outsource work. Again, once a company hits a certain size, entrepreneurs need to stop doing everything in-house and outsource some activities to other companies.