Managing a Growing Company

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Managing a Growing Company by Mind Map: Managing a Growing Company

1. Communication in..

1.1. smaller companies:

1.1.1. weekly meetings, discussions with employees

1.2. larger companies:

1.2.1. weekly letter (e-mail) of what is happening inside the company

1.2.2. having smaller teams and their own management and meetings, reporting back to the CEO

1.3. Communication a crucial part of a successful business

1.3.1. employees also need to know the direction and the goals of the company they work for

2. Planning and budgeting

2.1. budgeting even 6 months ahead can be challenging because of all different variables, but budgeting a few months ahead very important

2.2. making different targets and trying to meet them in (smaller) companies useful

2.3. making sure there's enough incoming cash flow

2.3.1. having enough customers

2.4. obligatory expenses such as paying salaries

2.5. exit plan: what to do after the company has grown

2.5.1. fusion

2.5.2. selling

2.6. Cost savings

2.6.1. laying off people

2.6.2. closing the company on time rather than going bankrupt

3. Cornerstones in success

3.1. right people in right positions

3.2. good strategy

3.2.1. growing the company

3.2.2. recruiting

3.2.3. selling

3.3. clients

3.3.1. how to differ from other companies: sales strategy

3.3.2. where to find them

3.3.2.1. advertising, connections, networks, references

3.3.3. more clients - more growth

4. Being a good leader

4.1. managing stress

4.1.1. balancing between the working and the family life

4.2. a minority of people have what it takes to be a leader

4.2.1. confidence and strenght, risk taking

4.3. personality

4.3.1. for example: managing a large and stable company or a smaller but more challenging, a personal preference

4.4. ...but not being alone: having a consultant and people around to discuss with

5. Recruiting the right people

5.1. Having a human resource manager do the hiring in larger companies

5.2. educated people but also personality and getting along very important

5.2.1. are the people ready to work hard and a lot?

5.3. If one notices after a while that they've done a wrong decision in recruiting, one must communicate with them and maybe find an another position for them, or let them go

5.4. Hiring enough people but not too many

6. Location

6.1. finding the right kind of premises

6.2. Jyväskylä vs. Helsinki

6.2.1. reassuring customers that the distance is not a problem

6.2.2. A lot of potential, educated employees in Jyväskylä

6.3. being ready to travel and be on time

6.4. opening a smaller office somewhere else e.g. Helsinki