3 deadly sins of business growth

Business growthIn the world of business today, there are more than a dozen underlying factors that make growing your business entity completely different from everything else you have been doing. We have been taught in business schools that the sole reason we establish businesses is to grow. This growth however will usually assume many dimensions – profit generation, revenue generation, market dominance, and brand strength, just to name a few. To be quite frank, the road to growth is quite simple. Innovation is a key requirement if you would like to have growth, and here the sort of innovation we are talking about is when you invest on making something new or better. For example, you create products, services, and solutions and then proceed to sell them to someone better or to a new market segment.

This might sound easy but the reality is that isn’t, and the reason being that there exists three underlying issues or deadly sins that inhibit growth, making it difficult to get the intended results. There is hope however, and we will share some simple tips that you need to learn about, in order to avoid the misery that most business people go through as they embark on chaotic activities in the quest to produce valuable growth.

1.Ambition Vs. capability

Most businesses people, when starting up or rolling out a new service, are full of hope and ambitiously pursue it convinced of its eminent success. But the truth is that, they lack the capability to implement it. They are mainly driven by today’s media who feed us inspiring tales of cases like Google co-founders Larry Page and Sergey Brin who began the world’s greatest search engine in their small garage basement. But, they do conveniently fail to mention that these two were doctoral students at Stanford University, where they were working in the Human–Computer Interaction Group. This is a group that has members of an assortment of geniuses and Nobel Laureates who congregate and come up with brilliant innovations. The same could be said about Steve Jobs, where again they conveniently overlook his unique brilliance and years of experience. The point is, if you are in a journey to come up with anything better or of real consequence from a break-through technology to a new business model, you do need people with expertise who will assist you to get it right.

2.Not knowing when to quit

Most people who get into business nowadays, probably have done some sort of market research and come up with excellent academic standard business plans. Once they have this, they dive right into it and get the business off the ground and move fast. Because of many business dynamics, it may or not generate revenue. When this happens, the majority of business people are not able to accept this fact, and the failure to come to terms with the fact that to pursue product or service further will just result in crippling losses. Well there are those times when it will pick, but in real life most don’t. This is where you have to know when to accept your losses, and nip the problem in the bud before it escalates any further.

3.Throwing money at a problem

While it is a true fact that money does indeed solve a variety of problems, it however can’t solve all problems. There are countless case studies of companies who, when faced with a problem, usually hire expensive “professionals” from the industry to come and clean up the mess they are in. These professionals are paid highly, because of their reputation, but truth is they can’t work miracles in the time frame usually given, and this usually results in bankruptcy and others going under receivership. It is more strategic to analyse all the components causing the bad performance of the firm, and identify which need to be worked on. This way you can hire a low level professional targeted to the specific department, instead of an overall one who is supposed to fish out the problem of the entire entity in general.

While the above solutions are not a guarantee that your company attain blue chip status, they just might provide those small steps that are so desperately needed to assist it to grow and prosper.

Entrepreneurial Learning:

The article speaks of the world of business today and the underlying factors that make your business grow and this growth however will usually assume many dimensions.

Image courtesy: FreeDigitalPhotos.net

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