How You Can Impede Your Business Growth
Whether you’re a small or large business, you can always be affected by business growth issues. A great example of this is Adidas. They’re huge! bigger than huge in fact, they’re enormous! But the company back in March announced that they expected a sales slowdown during the first half of 2019. This was due to Asia-based suppliers lagging behind the demand.
The absolute key to growing a company is ensuring that you actually anticipate any bottlenecks that could occur before you dive in head first.
“What bottlenecks could even affect my business?” Don’t worry, we’re going to be covering the top factors that bottlenecks arise from.
Inefficient Time Management
Time management as a business owner is so so SO important. Anyone in business pleads for more time in a day because more often than not there’s not enough time in the day to do everything that they wanted.
Time is one of your most valuable resources, but most don’t use it effectively. You need to streamline your process and identify what you can put in place to help you manage your time efficiently.
One of the biggest time savers is automation. Automation can save hours in a single day if used correctly!
It’s all about making the most of your time.
Lack Of Money
Fund can hinder any expansion you desire. When it comes to getting passed your bottleneck, money talks, and talks loudly. It allows you to pay for things that can help reduce the number of obstacles in your way to help you grow and increase profitability.
If funding is reducing your chance of expansion into something big, then consider a loan or even investment. People are always looking to invest in up and coming businesses and if your business and presentation ticks all the boxes, then you’ll have no problem in acquiring the funds you need!
But don’t be stubborn! There’s nothing wrong with wanting to do things on your own, but don’t mistake stubbornness for independence. Sometimes you need help from others to ultimately get your business to where you want it to be.
Growing Too Much Too Soon
You need to scale appropriately and don’t overgrow. You can grow your production, but as your production grows, so do your problems.
A great example of a business who grew too fast was Groupon. The online coupon concept started in 2008 and it was a massive hit. But they focused too much on customer acquisition and not enough on customer retention. So the company had to rush to scale to meet the demand, which didn’t end well. Within months of filing their IPO in 2011, their share price dropped from $20 to $9.
Figuring out how to scale requires testing and the willingness to pivot when things aren’t right. It’s much better to be able to change than being overconfident and overinvesting in a lacklustre strategy!
A Small Network
Being a first-time entrepreneur in regards to who you know can be a huge challenge to overcome. You need to realise that a strong network is a great benefit to have for your company growth.
These relationships aren’t built overnight! They need to be built though resilience, relationship-building and cultivation of a community around your idea.
To build the right network, you need to think about the type of people you want to reach. For example, if your brand is local, embed roots in the local community through partnerships and sponsorships.
We want you to flourish and spread your wings instead of impeding your business growth! It’s easier than you think. You don’t have to do everything yourself. If you’re growing, so does the number of potential issues. Be open to giving your work to others and allow yourself to focus on other, important areas.