Let us take you down memory lane if you don’t mind the journey. Do you still remember the time you started your business? Back then, you had...
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Let us take you down memory lane if you don’t mind the journey.
Do you still remember the time you started your business? Back then, you had a list of plans that you wanted to achieve over a certain period.By @Comic24Derick
One of the plans was to grow your business to reach a certain level. This vison was probably inspired by some established companies that you were familiar with while you were growing up.
Setting goals is not the problem, it is highly recommended. However, the danger of setting goals is trying to achieve them quickly and the same way that you had originally planned it.
The problem often arises when the company outgrows the business plans that were laid down in the first place. If you are one of those entrepreneurs, the best advice is to slow down and try to implement your plans one at a time.
According to Philip Salter, a contributor for the Entrepreneur, an authority magazine in small businesses, the problems that are faced by an entrepreneur must be shared openly with the stakeholders who will offer the right solutions.
If you include them in decision-making, they will buy into your idea for the benefit of the company. “Entrepreneurs who face a financial crunch should share openly with all stakeholders, especially those who have a financial interest in the business,” wrote Salter.
He added, “Let employees know what you did, why you did it, and before you ask for concessions, ask them for recommendations or ideas. That may motivate them to help you. It will certainly help others see the mistakes and know that you are trying to fix those now.”
To see the problem more clearly, an entrepreneur must go back to the drawing board, when you started. You must constantly review the reasons you started the business in the first place.
Don’t lose sight of where your business is going. Always stay focused and become a true leader who can see problems that are causing the business to lag. Admit that you don’t know everything. Ask the right questions from the right people.
The Start Up Donut, a website aimed at helping businesses to succeed says: “Identify your barriers to growth. Once you have objectives, part of developing a strategy for growth involves thinking about possible barriers to scaling up. Be honest and pragmatic.”
Every business has its limitations, and knowing those roadblocks before you begin to operate will help you in the future.
The Start Up Donut blog post added: “There are several factors which could thwart your ambitions to grow, such as lack of leadership skills, lack of funding, weak cash flow and even being in the wrong premises. Identifying the potential barriers can help you address your weaknesses and the threats they could pose.”
You must be able to determine if you are ready for growth, and if you are, where do you need to invest more of your resources, and how you are going to achieve that goal.
Setting goals is not the problem, it is highly recommended. However, the danger of setting goals is trying to achieve them quickly and the same way that you had originally planned it.
The problem often arises when the company outgrows the business plans that were laid down in the first place. If you are one of those entrepreneurs, the best advice is to slow down and try to implement your plans one at a time.
According to Philip Salter, a contributor for the Entrepreneur, an authority magazine in small businesses, the problems that are faced by an entrepreneur must be shared openly with the stakeholders who will offer the right solutions.
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| “There are no shortcuts in scaling,” wrote Rao. (Image: Pexels.com) |
He added, “Let employees know what you did, why you did it, and before you ask for concessions, ask them for recommendations or ideas. That may motivate them to help you. It will certainly help others see the mistakes and know that you are trying to fix those now.”
To see the problem more clearly, an entrepreneur must go back to the drawing board, when you started. You must constantly review the reasons you started the business in the first place.
When you admit your shortcomings, you will get better responses that will benefit you as you move forward. Another blog post in Piesync said one needs to have a clear understanding of the market they are operating in before deciding to scale the business.
“Understand your offering and the market. Before doing anything, go back to the basics: what you offer and why you're in business,” the blog revealed.
The blog continued, “Take time to ask: Does the market want your product or service? Is there a real need for what you do? Back this up with real evidence, not just assumptions, and prove that you have a market to sell to.”
“Understand your offering and the market. Before doing anything, go back to the basics: what you offer and why you're in business,” the blog revealed.
The blog continued, “Take time to ask: Does the market want your product or service? Is there a real need for what you do? Back this up with real evidence, not just assumptions, and prove that you have a market to sell to.”
Don’t lose sight of where your business is going. Always stay focused and become a true leader who can see problems that are causing the business to lag. Admit that you don’t know everything. Ask the right questions from the right people.
The Start Up Donut, a website aimed at helping businesses to succeed says: “Identify your barriers to growth. Once you have objectives, part of developing a strategy for growth involves thinking about possible barriers to scaling up. Be honest and pragmatic.”
Every business has its limitations, and knowing those roadblocks before you begin to operate will help you in the future.
The Start Up Donut blog post added: “There are several factors which could thwart your ambitions to grow, such as lack of leadership skills, lack of funding, weak cash flow and even being in the wrong premises. Identifying the potential barriers can help you address your weaknesses and the threats they could pose.”
You must be able to determine if you are ready for growth, and if you are, where do you need to invest more of your resources, and how you are going to achieve that goal.
Before you start, know that without focused leadership, you are destined to fail. The good news is that leadership skills can be acquired easily if you are willing.
“Evaluate and Plan,” the Score, one of the largest networks of volunteer, expert business mentors focused on mentoring small business says.
“Take a hard look inside your business to see if you are ready for growth. You can’t know what to do differently unless you take stock of where your business stands today. Strategize what you need to do to increase sales. Then assume your orders doubled or tripled overnight.”
Someone once said shortcuts are always the wrong cuts. This statement is supported by Shrad Rao in his article for the Wagepoint.
“There are no shortcuts in scaling,” wrote Rao. “As your business begins to grow, you may be tempted to make cuts — and take shortcuts — in order to reach your next goal faster. There’s no more surefire way to cripple your business than to cut corners and try to take the easy path to success. Every action you take now has repercussions later.”
In your line of business, you must be prepared to do monotonous tasks. This process might take a long to accomplish but you find the time spent to be beneficial for your business in the future.
“Take a hard look inside your business to see if you are ready for growth. You can’t know what to do differently unless you take stock of where your business stands today. Strategize what you need to do to increase sales. Then assume your orders doubled or tripled overnight.”
Someone once said shortcuts are always the wrong cuts. This statement is supported by Shrad Rao in his article for the Wagepoint.
“There are no shortcuts in scaling,” wrote Rao. “As your business begins to grow, you may be tempted to make cuts — and take shortcuts — in order to reach your next goal faster. There’s no more surefire way to cripple your business than to cut corners and try to take the easy path to success. Every action you take now has repercussions later.”
In your line of business, you must be prepared to do monotonous tasks. This process might take a long to accomplish but you find the time spent to be beneficial for your business in the future.
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