After helping numerous companies, we at ProStrategix uncovered 5 common but unfortunate mistakes that may be killing your growth.
It's a common misconception that satisfying your customers is enough. And, that's the first mistake that can be killing your growth. People are emotional creatures. As much as we like to believe we make fact-based decisions, we don't. We are driven by our emotions. Hence, it's important to understand the emotional needs and emotional state of your customers.
Whatever it is, you want to make sure that you leave them in a better emotional state than they were before. So, if you do that consistently, you'll have a customer for life.
After a few years in the business, growth can't happen if you don't have people there to handle the demand. Making hiring decisions are one of the most challenging, but most important decisions a small business can make.
Therefore, it's important to be honest with yourself about where your gaps lie. Small business owners typically wear multiple hats. It is scary to take on the expense of hiring new people. However, having the wrong people in the wrong place can severely kill your growth.
Very few small business owners have a deep understanding of their business model. This is a common mistake that can be killing your growth.
That's why knowing your business model is key. It is often overlooked by business owners because there are so may pressing, immediate needs. However, it is important to know what factors drive your sales so that you can proactively plan for the demand. If you can predict your demand, you can ensure that you have the right team in place to handle it. Thus, you can invest wisely to accelerate your growth.
Inefficiencies can crop up in the most unexpected places. So, if you are not actively looking for them, this can be mistake killing your growth.
It's worth repeating, knowing your business model is key. It's not just important to know how you drive sales, but also the cost it takes to service it. If it costs you more to service new demand, accelerating growth can lead to decreasing profits.
The final mistake that people make is not investing wisely. If you don't know where your inefficiencies lie or what's driving your growth, how can you invest in the right places?
Investing wisely in people, business processes, and business systems can ensure that you have the right people in the right roles at the right time. It can also ensure that you are efficiently driving demand so that accelerating growth leads to accelerating profits.
Brian Cairns, CEO of Prostrategix Consulting. Over 25 years of business experience as a corporate executive, entrepreneur, and small business owner. For more information, please visit my LinkedIn profile
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