From the moment you decide to start a business you already know that there will be some good and successful moments and not such good ones, so it is essential to be ready and aware of all the possibilities that already exist in this unpredictable business world.
Every businessman must be ready to take advantage of all the opportunities and to face the challenges you can find when you start a business
Among many other aspects, you will have to learn how to manage a business crisis, get over obstacles and have always a growth plan in mind. Regarding this last topic, we explain some of the most common mistakes which can strangle business growth. So, watch out, take note and prevent them!
#1 Trying to sell to everyone
Considering that every single person can be your client is a great mistake. Each of your products or services must be oriented to a person buyer (final or potential customer) specifically.
To do this, you should have a strategic vision and define who your targets are, how and why. This way, you will help your business to grow in a progressive and solid way.
#2 Not taking care of the relationship with your customers
In the case that they are already identified, try always to have a positive, healthy and honest relationship with them. Remember that if you lose your credibility, you will lose your customers.
So, increasing customers loyalty must be one of your business priorities, as its success and continuity will depend on this.
#3 Being more ambitious than skilled
Being ambitious in business world is something necessary, essential… but only if it corresponds to your entrepreneurial skills. In other words, it makes no sense to be ambitious if you are not able to reach your goals.
Because of this, it is essential to develop and define and strategy based on the capabilities of your business combined with your (reachable) business aspirations.
#4 Recruiting the wrong employees
Hiring employees who fit in the positions you are offering is only possible with a good recruiting process.
Many times, rush and the need of filling a vacancy due to workload at a specific time make you forget the fact that human capital is the most important thing and you choose to hire as quickly as possible without any recruiting process. So, hiring the wrong people may affect your business negatively and put a brake on its growth.
These four mistakes which slow your business growth are the most common and representative ones. However, we could mention some others like: mismanagement, the lack of financial controls, strategic vision or even the lack of a structured communication policy, inter alia.
Would you add any others? Tell us, all of your ideas are welcome.
“You cannot climb the ladder of success dressed in the costume of failure.”