5 Mistakes Growing Businesses Make

September 28th, 2017 | by Cristina Nika
5 Mistakes Growing Businesses Make
Business
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Once you move out of that first stage of your business’ life, and when you start to truly grow, you may feel you are perfectly safe. You have survived the initial turmoil, you have reached your first milestones, you have a steady customer base, and things are moving according to plan. This is not the time you want to choose to relax. It may seem that everything will be fine if you take just a bit of time to yourself and let go of the reins, but in fact, this is where you can fall more, if you make a serious mistake. As you now have more responsibilities, this mistake can naturally cost you more.

Here are some of the mistakes you should avoid in the growing phase, if you hope to succeed and continue to succeed:

You have taken on too much

While you are still on the small side, you may think you need to take on every client that comes along, and be happy they are there. At some point however, you will most likely take on more work than you can actually do, and this can burry you. It may seem completely unreasonable to refuse to take on a client, but you need to scale your growth, and make sure you can handle all your clients at the same time. If you have too many of them, the quality of your work will begin to suffer, and you will begin to lose clients, and acquire a bad rep.

You have lost your focus

When you were starting out, you had a clear view ahead, and you knew where you were going and what you wanted to achieve. That is what has led to the growth phase in the first place. However, once you grow, you can lose sight of this, and start to float aimlessly. You may be offered to do work you don’t have the right team for, and try switching to a completely new direction. There is nothing wrong with expanding the business, but you need to think it through, and only expand when you know you are ready.

You are hiring without a plan

Even if you are a small business, you need to have a hiring plan in place. You can’t just hire anyone for anything, there needs to be a system involved. You need to plan a company structure, and fill in open positions accordingly. Don’t hire just because you feel the person fits in well. Make sure they can also do the work well. And that you actually have work you need them to do. If you have a scaling plan in place, you will be able to fill all arising needs properly.

You are not investing in security

You may think you don’t need to keep your ideas and property safe while you are still in the works, but that would be the completely wrong approach. You need to copyright your inventions, and you need the right online protection, as well as the right security system. Invest in reliable firewalls and antiviruses, have security measures in place, and invest in remote CCTV monitoring to keep the premises safe. Call RE:SURE who can help you set things up properly, and sleep soundly knowing that the office is in good hands while you are away.

You are investing in the wrong marketing channels

There is no doubt that you need to be investing in marketing. However, you need to know where to invest, if you are to succeed. Know your industry and niche, and especially where your target audience is, and how to approach them. Only then can you hope to keep on growing. You may be pouring buckets of money at the wrong resource, and seeing no return on investment. The right marketing plan takes time to develop, and you can leave it to the pros in case you are not confident enough you can devise one on your own.

There you have it – some of the most frequent marketing mistakes you can make, which can not only hinder your growth, but stop it in its tracks. Be smart about the decisions you make, and don’t lose focus or drive. The growing stage can be immense fun, you just need to keep your eye on the ball.