Following growth on the back of success for your small business is a strong indicator that the business is doing well, and it can be the next logical step in the evolution of your company. However, there are many mistakes one can make when it comes to growing what you do and expanding your business.
And no one wants to undermine what they’ve done and how they’ve done it, risking everything they’ve worked so hard for. So before you push the big red metaphorical button and pursue exciting new avenues, take a step back and look at some of those common mistakes you have made so you don’t meet the same fate.
Too Much Too Soon
While it might seem intuitive to strike while the iron is hot, touching a hot iron can burn, and the heat needs to be your warning. While it might, on the surface, feel like now is the right time to do more, doing too much too soon, not considering the risks when you perceive it to be the right time, can be a huge mistake. Growth needs to be well-timed and not something you do because someone else is doing it or you feel you might be left behind.
Too Little Too Late
To contradict the above point, waiting too long and being cautious is a big mistake too.
While you do need to have certain structures and capabilities in place to support growth, if you‘re on the fence and indecisive, chances are opportunities will sail on by, and competitors will leave you treading water in their wake.
You don’t want this, and finding the balance between the right pace and not too fast or too slow isn’t always easy. This is where companies like Digital Scientists can be valuable, as they work closely with you to assess your current operations and deliver deeper insights to help you in directing your business by identifying patterns so you can lay proper foundations for success and not leave growth activities too late.
Micromanaging
Think of it this way: if you’re in a position to grow and expand, that must mean you’re doing well and have plenty of business to warrant such changes. It also means that your team must also be doing their job well to bring in business and support what you’re doing. This means you need to step back from micromanaging, as this can be detrimental to your success. Micromanaging cultivates a poor workplace culture and puts a halt to everyday activities, not just growth plans. Instead, have faith and trust that people can and are doing their jobs properly, with the correct input and support, and can easily handle the additional workload about to be placed on their plates.
Overlooking Infrastructure
Your infrastructure needs to support not only your current operations but also future operations. Your infrastructure needs to scale with you, which means investing in the right technology and solutions to help you maximize efficiency and standards now, as well as accommodate the additional work required for full growth. This will enable you to improve and expand on what you have existing.
