Mistakes Growing Companies Make
Business growth is something that most company owners are looking to achieve. Nevertheless, it is often a lot easier said than done. Not only this, but managing company growth is not easy either, especially when it happens at a quicker rate than you were expecting it to. This is why you need to make sure that you are as prepared as possible and that you have solid processes in place. With that being said, read on to discover more about some of the common mistakes that growing businesses make so that you can avoid making them.
Not offering quality benefits – There is only one place to begin, and this is with the way you treat your employees and the benefits you offer them. After all, what sort of business would you have if you did not have your employees? You need to make sure that you make your business the only place they want to be. Focusing on improving your employee retention levels is imperative so that you can hold onto your best talent. One of the ways you can do this is with a quality benefits package. There are many different incentives that can encourage your employees to stay on board. This includes everything from retirement plans and gym memberships to health care insurance. Also, training opportunities and chances to progress within the business will encourage employees to stay at your company rather than looking for other opportunities.
Letting the daily crisis keep you from the issues that really matter – It is easy to fall into this trap, especially when you find yourself lost in everything that is going on. It takes effort and practice to focus on the most critical things first. However, once you get into the habit of doing this, you will achieve a lot more and run more efficiently. In business, the most vital aspects mean beating your competitors, low cost, customer service, and time to market. It means knowing how to reserve time for successful communication with all of your team, as well as knowing when to rest and when to delegate. It is about working smarter, not working harder.
Making all of the decisions yourself – A lot of business owners do not like to relinquish control, and so they end up making every decision themselves. However, one person making all of the decisions does not lead to faster decisions, nor does it lead to better ones. Delegation is imperative if any team and any company are going to grow. Smart growth businesses hire decision makers rather than looking for more helpers. It doesn’t matter how long your business has been established, you need to look for someone to assist you with your plans, and you need to make sure that this individual is like-minded yet has complementary skills. After all, it is always beneficial if you have someone that hones your business skills, keeps your spirits up and tests your ideas.
Quick to hire, slow to fire – This is an error that a lot of business owners make when their business starts growing at a quicker pace than they anticipated. Nevertheless, if you are quick to hire, you could end up making rash decisions and taking on people that are not right for your business. It is important to recognise that your employees are the lifeline of your company. You need to make sure that you have a solid recruitment process in place and that you hire the right people for your company, rather than simply hiring who is available right now. Taking on the wrong person could end up doing more damage than you realise. Moreover, being slow to fire goes hand-in-hand with this error. Yes, no one likes to go through the process of telling someone that their contract is being terminated. Nevertheless, the longer you hold onto someone that is not right for your company, the more damage you are doing.
Forgetting about your principles – As your business gets bigger, it can be easy to lose sight of the principles that got you there. A lot of companies that are large in size are accused of having no soul. You don’t want this to happen to your company. Therefore, make sure you don’t lose the personal touch you have always had and the exceptional customer service you have always provided. Not only this but you need to make sure you keep all of your green practices in place, from using the right commercial waste bins to remaining paperless. While it can be tempting to cut corners, you can still be efficient while operating in a green manner.
Relying on informal agreements with partners – Last but not least, this is a mistake you definitely need to avoid if you are a growing business. Your business partners may even be your spouses or friends, but things do change at a rapid pace once the stress of a growing company starts to take over. This is why, no matter who you do business with, you need to make sure that you have formal agreements in place at all times. If you don’t, you are leaving your business very vulnerable.
Hopefully, you now have a better understanding regarding some of the most common mistakes that growing businesses make. There is no denying that business growth is desirable for the vast majority of business owners. Nevertheless, you need to make sure you handle this growth in the correct manner if it is to have the positive impact on your company you are hoping it does. Follow the advice that has been provided above and you can’t go wrong.