Common Mistakes of High Growth Businesses
Business growth is the process of improving some measure of a company’s success. It can be achieved in several ways, such as boosting revenue, increasing product sales, improving profitability or minimising costs.
There’s lots of information out there about how to grow your business and achieve your goals, but today we’re looking at some of the common mistakes that we see businesses making, and how to avoid making them yourself.
Top 3 mistakes many high growth businesses make
There are a few common mistakes that we see high growth businesses making all the time. While it’s always best to avoid making them in the first place, they are all fixable and at Dr Logic we can help you to find the right solutions.
Here are the top 3 common high growth business mistakes we frequently witness:
Wasting time on tasks that don’t generate revenue.
So many companies spend time switching between lots of different tools, or using software that isn’t set up right. Sometimes they invest in inflexible tools that can’t grow with the business, or they spend all their time planning rather than doing.
Knowing what equipment and software your teams really need to deliver the best service is invaluable for high growth businesses. Setting up your infrastructure correctly from the get go is the best thing you can do to avoid wasting time (and money) in the long run.
Not establishing your own culture or a strong foundation
Culture is an integral part of business, affecting nearly every aspect of your company. From recruiting top talent to improving employee satisfaction, establishing a strong foundation and positive culture is the backbone of a happy and productive workforce.
The problem is, plenty of businesses don’t put the time and effort in to building their own culture from the beginning. It sits at the bottom of the priority list and often gets forgotten about until it’s too late.
Building a company culture is something that should be at the forefront of your mind from the get-go. It’s not something that can be done overnight, so the earlier you make a start, the better.
Obsessing over “growth hacking” and quick fixes
There is no such thing as a shortcut in business growth. Boosting revenue, increasing sales, improving profitability and minimising costs all take time, effort and hard work.
There are, of course, things you can do to help your business grow more quickly, but obsessing over growth hacking and quick fixes is not one of them. Instead, you need to focus on disciplined scaling. Remember that nothing worth having comes that easily.
Combat the hurdles with organic business growth:
Growing a business is no easy feat, and there are bound to be hurdles along the way. As long as you’re prepared with solid foundations and the right technology in place, it shouldn’t be a problem.
Here are a few things to remember:
- Ensure you’re prepared for growth. This includes hiring the right people, getting the right software in place, and utilising the best technology to ensure you can keep growing without any problems.
- Have back-up and contingency plans. Every successful person knows that even the best made plans can fail. Make sure you have
- Join forces with reliable experts. At Dr Logic, we can provide support for your IT and tech needs from the very beginning. We can set you up with the right equipment and software to see you through, and we can manage it all for you as well.
Noticing quickly when your team needs help:
It’s really important to be on the ball, keeping a focused eye on the factors influencing your business growth and development.
Look out for warning signs that your team might be losing efficiency. Things like complaining, silence, fatigue, and even messy desks can suggest a lack of motivation in the office.
The quicker you spot these issues, the fast they can be resolved. There’s plenty of technology for increasing team productivity out there, so make sure you’ve got the right tools in place to help your employees focus.
An unproductive team is the last thing you want when developing your business growth. Make sure you reacting to your employees’ needs so they have everything in place to effectively help you achieve your company goals.
Achieving your business growth goals:
We’ve spoken about the common mistakes to avoid making when growing your business, but now let’s look at a few simple things you can do to help achieve your company goals.
• Set realistic deadlines. There’s a fine line between being optimistic and challenging yourself, and being unrealistic and setting yourself and your team up to fail. Setting realistic deadlines will help you to achieve more without piling unnecessary stress and pressure onto your staff.
• Business growth fund. We all know how important funding is to any business growth strategy, so make sure you’re getting all the financial help available to you by applying for funds.
• Ensure you have the right support. We’ve said it before and we’ll say it again – you don’t have to do everything by yourself. Get the right support systems in place to help you nail the basics so you can focus on what you do best.
Expert, reliable help when you need it most
Outsourcing the tasks that are outside of your knowledge base or beyond your capability is the best way to help your business grow.
If you try to be a jack-of-all-trades and do it all yourself, you’ll no doubt find yourself working too hard, leading to stress and burnout.
There is a lot of innovation for business growth these days, with technology available to help your business grow. It might not seem like such a big deal when it’s just you, but what about when you have a team of 10, 20, or 100?
Consider outsourcing things like your IT to a company who knows it through and through, that way you can make sure you’re set up with the right equipment and tools for business growth from the beginning.
For help getting your company’s tech running smoothly so you can focus on your business growth goals, get in touch with us for a consultation.
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