Thursday, June 20, 2024

Business Growth Mistakes to Avoid.

February 2, 2018 by  
Filed under Money/Business, Weekly Columns

(Akiit.comBusiness growth is the aim of the game for most business owners. However, it is never easy to expand your business. It takes a lot of planning and preparation. If you feel you are ready to take your company to the next level, read on to discover some of the common mistakes you need to avoid.

Expanding before you are ready – This is undoubtedly one of the biggest mistakes business owners make. It can be very tempting to run before you can walk when you experience success in the early days of your business. However, you need to make sure your company is actually ready for this level of growth. Some signs that your business is not ready for expansion include the following: you don’t have the money available, your market is not expanding, and you don’t have a strong team behind you.

Assuming that you need to move office – A lot of company owners feel that a new office is part of the process of expansion. Nevertheless, this does not need to be the case. Sometimes it can be better to stay where you are, and there are plenty of builders for commercial constructions that can expand your current offices for you. This may be the best option if you feel you are currently based in a good location, which gives you the best access to your target consumer base.

Underestimating the importance of hiring – Another error is taking for granted just how challenging it can be to hire the right people. You not only need to find the best talent, but you need to find people that are going to be the right fit for your company too.

Lack of organisational chart and job descriptions – Most small companies start off as a one-man band. When you are the only employee, creating an organisational chart seems pointless. Plus, you are doing everything yourself, and so creating job descriptions also feels like a waste of time. But, it is critical to build a visual organisational chart as soon as possible, especially when you are trying to take your business to new heights.

Failing to communicate your vision internally – If your expansion is to be successful, your team needs to be behind you. A lot of company owners make the error of not putting their vision down on paper, and not communicating it to their employees. How do you expect your vision to ever be reached if you do not get your team on board and you do not communicate your vision internally?

If you can make sure you do not commit any of the mistakes that have been touched upon, you can give yourself the best chance of growing your business successfully. There is a lot to take into consideration, but it will all be worth it in the end when you experience a smooth and easy transition into expanding your business.

Staff Writer; Ronald Day

Speak Your Mind

Tell us what you're thinking...
and oh, if you want a pic to show with your comment, go get a gravatar!