How Millennial Entrepreneurs Can Set a Management Foundation for Growth

You’ve achieved remarkable success as a millennial entrepreneur, growing your business quickly. Rapid growth is the goal of many business owners, but 50% of new US businesses fail within 5 years, according to Gallup, and one thing many of these businesses is missing is a management foundation to support growth.

Create a Clear Management Structure

You can’t be the only one in charge if you want your business to succeed in the long run. Growing a small business can happen more rapidly than you think. If you run yourself ragged keeping up with steadily increasing demands, you run the risk of burning out quickly. Attempting to put a management structure in place after major growth has occurred may lead to confusion with employees, a lack of employee buy-in, and too much ramp-up time before the structural change can be effective.

Create a structure that works with your core business values and competencies. If you run a small business that is dependent on effective marketing for success, have strong management structures in your marketing department. If you are tech heavy, make sure your managers understand the technology and know how to relate to your IT crew. The best structure is unique to each business, and you know the areas where management oversight is most needed.

Create Communication Channels

When your employees know who to contact when they have management-related problems, you create a conflict resolution method that can fix problems before they affect your productivity. You can use specific email addresses for management communication or an intranet with messaging capabilities. Make yourself accessible and listen to employee feedback.

How to Scale Your Foundation

You can’t avoid management structure problems by simply putting a few people in charge and hoping this structure will cover your future growth. Create a system that’s scalable, so it grows with your company. You will create a strong foundation for small business growth, as well as not overworking your existing managers. The right management structure for your business takes some trial and error, as well as implementing employee feedback. Once you have a solid management foundation in place, your startup will have a great shot at adapting to sudden and long-term growth.