Seven Fatal Errors That Halt Growth for Small Businesses
At last, all your hard work is paying off. When your business starts to grow, it's like a dream come true. But if you don't grow the right way, this dream could quickly become a nightmare.
Here are Seven Fatal Errors That Halt Growth for Small Businesses and how to avoid them.
- No Strategic Plan
If you don't establish a solid business plan that covers your growth strategy, you can be confident that your growth will be chaotic. Things outside your control will fluctuate, and you will find yourself constantly defensive. If you grow in a deliberate and controlled manner, you will direct this expansion and achieve your goals.
- Repetition of Old Behavior
A typical error is doing the same thing over and expecting different results. When discovering something that works well, you should repeat it. But over time, you will need to test and incorporate new concepts into your toolbox. By neglecting to evolve, many businesses become stagnant and hinder their growth.
- Avoiding Constructive Feedback
Every time you try out an idea or do something, you get feedback. If you don't listen to what the market says, you'll never fully understand it. Keep track of how your efforts and new ideas work out, and you'll learn what works and where to go.
- Being focused on YOU and Not the Market
Your business will do well not because of what you do, but because you meet the needs of your market. You need to know a lot about your target audience. This includes your ideal customers, the companies you're competing with, and the industry you're in. Many businesses don't grow because they stop paying attention to what's going on in their market and lose contact.
- Chasing After Every New Idea
You can try a million different things in your business, but to grow, you need focus. You can't waste time going down paths that don't lead anywhere. You'll have a lot of business opportunities, but you need to be able to tell which ones will make you money and give you results, and give your attention to those.
- Working with the Wrong People
Many businesses need to pay more attention to whom they work with and partner with. You won't grow as you want to if you work with or hire the wrong people. Stay away from people who are toxic for you. Surround yourself with people who have growth mindset who think it's essential to help those around them.
- Growing Too Fast Too Soon
You want your business to grow as quickly as possible, but growing too quickly can cause many problems. More of anything brings more risk than it's worth. This is true for investments, outsourcing, and other things. Focused, slow, and steady growth is best for a business. This is how long-term goals are reached, and legacies are created.
Need help avoiding these fatal errors along your journey? If so, contact us today to create a coaching/consulting package designed specifically for you and your success.
Marques Ogden, Keynote Speaker