Inevitably, a growing business will bring with it many challenges, with various solutions that will work one day and not the next.
It is crucial to plan to be prepared when common pitfalls arise if you want your business to grow and thrive. Effective leadership will most definitely help you create the most out of your opportunities, enabling a sustainable growth for the future.
This article outlines a common risk and mistake that affects business growth: welcoming change! If you assume that you can continue to be successful only because you have been in the past, this is very unwise.
Compliance can be a big danger to a growing business. It is very foolish and imprudent to suppose that you will continue to be prosperous merely because you have been in the past.
Periodically reviewing and updating your business plan can help you remember changing market conditions and the need to respond to them. Please see the article on planning for the future.
An updated plan helps you identify what steps you must take to change your business and the way it operates, for example:
- Change to providers who can expand with you and meet your new priorities. As your business expands, constant quality and reliability can be more significant than merely getting the cheapest deal.
- Renegotiation of contracts to take into account the volume upsurge.
- Training and improvement of employees. Your role will also grow as the company will expand. Please see our article on skills and attitudes.
- Make sure to stay updated with new technologies.
You need to be fully engaged with your strategy, even if it takes you outside your comfort zone. This can involve difficult decisions, for example, making employees redundant or changing the business of the suppliers with whom they have become friends. But unless you’re prepared to do this, you run the risk of laying your business at a severe competitive drawback.