Growing your business: common mistakes to avoid
For most small businesses, and even some big ones, growth is the main objective. Personally, I love that as a goal. It’s a goal worth pursuing and the journey towards it is exciting. If there is room to grow, why not go for it? Challenge yourself. Let your genius work. Yes, failing is a possibility but with the right mindset, failures just become tools that can be utilised to achieve one’s goals. With that said, planning on upscaling your company is completely different from actually executing it. You will encounter issues that if are not dealt with will cause your business to suffer.
Think of all the massive companies and corporations today. They didn’t become global companies overnight. They achieved growth one step at a time. It’s a slow process wrought with challenges yet with persistence they were able to achieve massive success. But with success, also comes with its fair share of failures. Failures that we can learn from.
Innovating for the sake of innovating
Innovating is great but innovating for the sake of innovating can be detrimental to your business. All companies constantly push their teams to innovate to stay one step ahead of the competition. What is usually not mentioned is that innovation does not come for free. Coming up with new ways of thinking and doing things cost time, energy, and money. Aside from product innovation, avoid unnecessary innovation especially if it is more cost-effective and practical to maintain what you currently have. Innovate but be smart about it. It doesn’t mean you should just because you can.
Not highlighting your health insurance benefits
Expanding and retaining your workforce is essential if you want to grow your company. A bigger company means bigger operations which means a need for a larger workforce. There are many ways of attracting new team members as well as retaining your current ones. One tactic that is not commonly employed, yet an effective one, is highlighting your health insurance benefits. Health insurance is constantly ranked as one of the top employee benefits. If you want to have greater chances of recruiting top talent and retaining key employees, highlight your health insurance benefits. Even better if you can upgrade it to match the company growth.
Lack of planning
An obvious one but surprisingly, still a common occurrence. Wanting to grow is not the same as actually doing it. Plan with your team. Cover all the bases as much as possible. Take your time. Consider how you’ll be able to reach more customers. How are you going to handle the increased demands without sacrificing quality? How are you going to grow at a consistent yet healthy pace? Have contingency plans just in case. Brainstorm with your team and execute the plan once everyone is satisfied with it.
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