While you’re on break, reflect on your business’s growth. Is there anything you can think of that is holding your business back? What are the challenges or limitations you are encountering, or that you may encounter in the future?
Here are three common traps we see businesses fall into that hold them back.
Trap #1: Falling into the “just get by” mindset
Things are going well enough, the business is profitable, everyone’s busy, but you haven’t had any growth in years (maybe even decades). If this is your business, you’ve stagnated. This doesn’t mean your business isn’t successful, but it does mean that you’ve let a lot of opportunities for growth pass your business by.
How to fix it:
Start actively looking for opportunities. Working closely together, we recently helped a consultancy business keep on their toes, constantly looking for “the next market change”. This saw their profit triple from 2013 to 2015.
Get back to your roots. Review where you business came from, and celebrate your achievements. This will help you identify your core competencies, the strengths that helped you succeed in the past. If you can build on your strengths, you’ll be better poised for more growth going forward.
Trap #2: More tech than you can handle
Technology is an essential part of your business, but don’t spend more than you can afford on dozens of fancy automation packages, premium subscriptions or over-embellished CRM upgrades. It’s easy to get hooked into the big promises of 4000% productivity etc. but don’t let it become an overkill.
How to fix it:
Review everything. Work out what’s essential. Be honest about what you’re really getting maximum value from, and what’s actually bogging your business down.
On the flipside, if you’re running your entire business off a single spreadsheet, you might benefit from some basic business software (for example, transactional email automation or a basic CRM).
If you’re not tech savvy, talk to business owners who are. Ask them what they find useful, and what they thought was a waste of time.
Trap #3: Trying to do everything yourself
Business owners tend to be people who happily get their hands dirty and will give anything a go. But there comes a point in your business’s growth that you have to start trusting staff members to step up and take work off your hands.
How to fix it:
If you insist on personally taking care of every client relationship, you’re going to hold the business back from growing more once you reach capacity. Appoint a few key staff members to take a load off you, set KPIs, and trust them to do a good job.
For businesses who are looking for some direction on how to grow, the first step is catching up with us for a no obligation 90-minute business discovery session. This session will highlight some of the aspects of a business that might need some attention.