Starting Up

Three Major Business Growth Hurdles to Overcome

Every business has obstacles to face but there are a few issues that come in the way of business growth. Identify and eradicate them.

No matter what type of company you may own business growth always comes with its own set of troubles and issues. Whether it is sole proprietorship or partnership, expanding and making it bigger increases responsibility and there may be a few hang ups to be careful about. The main reason why many founders stagger is that they fail to identify them beforehand.

Here are three such hick ups that might trouble you:

Money Issues

A shift from being the employee to the founder can be very rewarding especially in case of money. You will have plenty of money in your bank account especially if you see early growth. However, you shouldn’t let this initial financial success overpower you. Also, don’t try treating your business like your personal bank account. The money you earn should mainly be used to help grow the business to greater heights and not to satisfy your personal desires. Bootstrap your business and pay yourself less. Keep more for the business itself so that it grows. With growth, your personal salary will also increase.

Procrastination

Procrastination is a huge issue during the initial stages. You tend to take the fact that you are now the leader for granted. Since you have no one on top of you to guide you strictly, you may get lenient with yourself and take a few things for granted. That procrastinates many things and stymies your grow. The ideal thing to do is to fix a schedule and stick to it religiously. Fight with yourself if you have to, but stick to the schedule each day. That will bring responsibility, organization, and smoother operation.

Stressing too Much about Hiring

It might disappoint you initially that you are not able to find employees. There is no need to be disappointed. Rather, there is the need to understand. Remember that you are asking someone to leave his or her stable job and join you. You are just a startup. You can’t provide the trust that other companies provide. Don’t stress much on talent, thus, and search for the right partner. You will find one eventually. Aim at expanding your business one employee at a time instead of taking a huge step forward and looking to employ many. It may take months but you’ll have very good employee in the end.

Slowly, with relentless hard work, you will gain momentum. Work on overcoming these hick ups and you will steadily grow.

Entrepreneurial Learning

Hurdles will come in the world of entrepreneurship, especially during the initial stages. You will have to overcome many issues such as self-discipline, procrastination, and finding talent. If you can keep a straight head through these, you will gain momentum for sure.

Leave a Comment

Your email address will not be published.

You may also like

Growing a Business

Want Great Guidance ? Find yourself a Super Mentor

post-image

They are the gods of small businesses, those inspired individuals who have achieved the highest levels of success. They can be the shining beacons who light up the path of running your business with their vision, wisdom and wealth of resources and contacts. They are The Mentors.

If you are fired with the passion to take your business to great heights, the best thing to do is find yourself a super mentor. Here are some tips to help in your quest

Pinpoint your Need

Sit down and focus your thoughts on your business growth strategy. Which area of the business needs a lift. Is is staffing, is it the finances, is it the production, is it the your lack of customers or is it the business as a whole that needs a makeover. Once you’ve zoomed in on the sore spot, this is where you need…

Read More
Growing a Business

Dreaming Big? You can Move Mountains with these Business Productivty Tips

post-image

You may be full of admiration for some people who seem to manage themselves and their work so usefully and efficiently. They seem to fit in so much productive work into the same number of hours which everyone has.. Let’s look what makes them tick and take a few tips.

Learn to identify your most productive hours

Its true, most productive people know which time of the day they can be most creative and efficient. They identify and allot these hours for the best part of their work. This way they are able to give their 100% awareness to the job and business productivity.

Early to rise- A winning habit

Waking up early is a personal habit that has all the plusses on its side. You need not necessarily go to work that early. It’s a habit that gives you more time for personal care, like mediation, exercise, walking,…

Read More
Growing a Business

Leadership Qualities that can make you an Icon

post-image

You may have reached the leadership position through sheer dedication to performance and a do or die attitude . Now that you are at the top, your viewpoint needs to change. You have to now be a role model, one whom others will look up to and follow. Here are some tips that can shape your leadership and management skills

Be Competent: Employees will look up to a leader who has good industry knowledge and management skills. If you do not possess these skills you should surround yourself with knowledgeable people who can offer good counsel. Competence is a trait all employees will admire.

Be Trustworthy: No one will look up to a person they cannot trust. Your employees will want to rely on you and count on you. In difficult situations, leaders are expected to apprise their employees of the situations and find solutions on how to address…

Read More
Raising Money

Are You offering Your Services Using the Right Pricing Strategies?

post-image

In these times of fierce competition, business people , mostly those that offer services and belong to the service based industry, are finding it a challenge to implement the right pricing strategies. It is virtually a struggle to set the right business price that will retain and attract the customers, and not drive them away. Follow these tips, the crucial dos and don’t s and you may be in a much better position to offer your services at the best price.

Maintain your Business identity and Dignity

If you are offering a unique or special product or service, don’t underrate it just because you want to build a better relationship with the customer. This will just cheapen your offering as another run of the mill. If its something special you are offering the customer, then communicate this fact to the client and get the equation right with the most…

Read More
Raising Money

What is a Fair Wage? How Do you Assess Fair Wage?

post-image

How do you figure out a fair wage?

This is a very common question for startups and small businesses. They can’t seem to decide or understand how to set wages and manage reputations at a time. They are determined to pay well but they also have to think about encouraging their employees to stay with them for a long time. This is why there is a need to think strategically.

Listed below are a few expert tips to help you decide:

Don’t Focus Only on Money

Money should never be the main focus for you or for your employees. You should decide on the wages in such a way that your employees are tied to your business. When your business does well they should be able to taste that success and vice versa.

Also, think about additional perks such as exclusive benefits and time off. Many employees value this more than the overall…

Read More
Raising Money

Tips to Winning Hard Negotiations With Ease

post-image

While some negotiations are easy, others are quite hard to win. If you stumble you will lose.

Whether it is a potential client or an investor, negotiations can be very tough and frustrating. The problem is that the moment you let your frustration overwhelm you, you will lose the deal and you will give in to whatever is being offered to you. In order to avoid that, here are tips to overcome tough times and to win even the hard negotiations:

Research!

Know your opponent as well as possible. This is the rule no matter what you do. You should understand your opponent to the T. Who the person is, what his culture is, what he thinks, what he stands for, how is his network, etc. are the questions you should ask yourself and answer through research before meeting up for the negotiation. Understanding the opponent will give you a great advantage.

Walking…

Read More