GROW

When Dave Dean, Managing Director of Monitor Risk Management, is asked what one piece of advice he could give to other business owners who are looking to grow it's, "Don't struggle alone - get some good advice and hire quality people."

He now oversees a million pound business with over 60 staff helping companies like Lloyds Bank and HSBC manage their exposure to Health, Safety and Fire regulations. Back in 1987 this all seemed a distant possibility and Dave was just starting out:

"When you first start out you have a romantic notion of being your own boss, working when you want and growing a successful small business. I was in my mid-20's and like thousands of others I just got on with it, there are no courses on self employment that can adequately prepare you to be a good employer - you just have to learn with experience."

"Even after 15 years of being a business owner and with all the experience that it brings, someone on the team will often come up to me asking how to solve a problem and I'll think "I've never faced that problem at all?"

With little good guidance on how to run a business and a whole range of issues to be managed everyday Dave says that running a business can often be lonely:

"You'll get back in after a day at work thinking about getting a client order out in time or whether you should invest in a new item of equipment and your partner  will want to talk to you about a holiday or getting the kids some new clothes. It's then you realise that while you may be an entrepreneur, your family and your friends aren't."

Lack of experience, difficult decision making and the loneliness that comes with being the boss can affect ambitions for growth. There are rarely right times to go for growth so confidence and focus are vital. Confidence can often come through the right support and Dave is now getting boardroom level advice from experienced mentors who are helping him take the business forwards:

"Mentors are worth their weight in gold. Over the last few years I've turned to mentors for insight, advice and support. Currently I'm working with someone who has taken a non-executive role on the board who has a completely different background to our business. He has offered fantastic advice and really helped us to focus the business on growth. I can't always take his solutions to our situations but it always gets me thinking with new ideas which means I'm not having to tackle problems alone."

Dave wished he'd sought help earlier in his career:

"One of the main obstacles when you are young is getting the confidence of customers and suppliers. When I started out I had suppliers overcharging and customers screwing me on price! I should have got some advice rather than thinking I knew everything."

Dave also feels that some small businesses get the recipe for growth wrong:

"I know businesses, even my own, where you start out by hiring friends and family. Quite often you do this because you identify their talents during Friday nights at the pub - you'll soon find out that these relationships are best left in the pub - not inside the business."

In order to grow Dave feels that you need to swallow your pride and hire people who are better than you:

"It's a hard moment when you realise that there are people who can run parts of your business better than you could. As the MD you feel a great sense of ownership which makes it hard to let go. Once you start to recognise your own weaknesses and other people's talents you will find that you have much better prospects for growth. By surrounding myself with good people I've been able to keep my eye on the bigger picture giving me time to explore the market, keep an eye on our product and make sure we've been able to take opportunities effectively."