Business Growth 101
If you have started your own business and you understand that the initial stages are extremely tough. Generally speaking it takes a good 3 years for a new business to get off the ground and to break even. Then again, profitability depends on the individual business.
So you moved from the validation stage: Ensuring that you business idea had operating capital and you think you’ve covered your bases as you prepared to launch your new company. To make sure your dream venture did not turn into a nightmare, you may have taken steps to avoid common business-building mistakes.
As you grow, you need to ensure that you are not making the following additional mistakes if you want your company to survive and thrive.
CONSIDER CUSTOMER FEEDBACK
Many businesses continue to operate day in and day out and fail to consider customer feedback when before making decisions. Remember that your customers will tell you loud and clear the types of products or level of customer service that they are looking for. You just have to be savvy enough to listen to the questions they ask and the feedback they give.
Holding on to those customers and getting new customers is another hurdle that business owners have to consider, constantly. A customer acquisition plan must be in place prior to launching a new company and as the years progress, this plan may change. Customers will not just magically find your business or hear about your company through word-of-mouth from their friends. You need to have a solid plan in advance if you want your company to succeed. From Twitter outreach, to Facebook ads or content marketing, it is essential you know how you will acquire new customers, and how you will retain the ones you have.
GET RID OF DISTRACTIONS
Having too many distractions is a business killer. You can get caught up in a myriad of tasks like attending conferences or networking with your local business community and forget to attend to the basics of running your business. If customers aren’t putting money in your till, your business isn’t going to succeed over the long-haul. Take steps to ensure that you focus on the needs of your customers to ensure long-term success.
It may seem obvious but business accounting is extremely crucial. It is all too easy to overlook the basics of ensuring accounts payable are completed on time and receivables don’t get out-of-hand. Accounting 101 means revenues should always be more than expenses; if your company isn’t generating enough profits to pay all expenses in a timely manner, it might be time to rethink the viability of your business. It might seem counter-intuitive for business growth, but taking time away from your company to regenerate your energy stores is crucial.
Embracing your inner entrepreneur and building a successful business is a brave leap-of-faith to be admired. Do not let simple mistakes rob you of the business growth that was yours for the taking if only you had been wise enough to not overlook the basics.