Bigger is better only if it satisfies a basic human need

Q:I am an owner of a successful small business and would like to take it to the next level. I know I need to hire a manager or good salesperson. But in this uncertain economic environment, I am reluctant to make such a move. What would you suggest? -- Anthony F., Richmond

Answer: Your dilemma is not uncommon for a small-business owner.

You probably put your heart and soul into the business and have your fingers in every aspect of daily operations.

The business prospers year over year and then you hit a growth plateau.

What to do now? You have two choices: maintain or bring in others to help the company grow.

Maintenance is not a bad thing. If the business is producing sufficient income to compensate your needs and you are happy with your lot in life, why complicate things by trying to grow bigger?

Bigger is better only if it satisfies a personal, creative human need.

If this is the case, resign yourself to the following:

• You are only one person and you can do only so much by yourself.

• You must determine where you are of most value to the business and delegate the rest to subordinates.

• Recognize that just as you have made mistakes along the way, so will those to whom you delegate important duties. It's part of the learning experience.

In your mind, there may be only one way to do things -- your way.

If this is your attitude, the employees will be only too happy to follow your instructions to the letter.

If, however, you want to encourage thinking outside the box, you must embrace and reward new ideas.

In truth, you really want someone as savvy as you to help grow the company.

When you find such a person, recognize that you are eventually hiring a partner or a competitor. Really key people don't stay around for long unless they take ownership in the job.

In reality, good people do not cost you a dime if, because of their efforts, they increase revenue or reduce overhead expenses.

So, if you choose the growth option, you must take that leap of faith and invest in good people.

Do not think of their cost as an expense. Rather, you are making an investment in your business.

Just as with any other type of investment, it may take several years to realize a return. However, if you have made the right selections, the end will justify the means.

Volunteers with the Richmond Chapter of SCORE, Counselors to America's Small Business, will answer questions from small-business owners and managers. Go to http://www.richmondscore.org and click on the link to "Ask SCORE." A counselor will respond within 48 hours. Select questions and answers will be featured in Metro Business on the second and fourth Mondays.