As a business owner, you run into daily challenges and are constantly solving problems. It’s all a part of running, a hopefully, successful enterprise. However, do you know how to overcome certain growth obstacles that may keep your business from evolving and thriving?
As the old saying goes “The devil is in the details.” A lack of planning on your part as a business owner, can have measurable effects on your bottom-line. Don’t leave anything to “chance” or a “gut feeling”. Map out what you hope to achieve for your business in the next year, five years, or ten years. How are you going to get there? What steps do you need to take?
Marketing your business to others should be a top priority as an entrepreneur. Many business owners believe in the “Field of Dreams” mentality that “If you build it…They will come.” Meaning, that customers will flock to you, just by opening your doors. It’s just not the case. Just as you put work into running your business, you also have to put effort into promoting it. Be effective, by investing in your marketing with a professional. Focus on your core products/services addressed to your core market. You’re much better off serving a more profitable niche market than “trying to please everyone.”
As your business matures and grows, grow with it. Don’t stick with a management system you used when you just had two employees, as opposed to fifty employees currently. Adjustment needs to occur for both you and your business as you both start to evolve.
When you get busier, is it best to work harder or smarter? Most entrepreneurs work many long hours. However, what are they predominantly concentrating on? In most cases, it’s the day-to-day tasks of operating their business. If you have grown your business to a staff of say fifty, that work should be delegated. Your time should be best spent on improving your business and looking towards the future. Leave the “crossing the ‘T’s’ and dotting the ‘I’s” to one of your staff.
Finally, the biggest growth obstacle to overcome in business is poor financial strategy. In fact, most business owners have no plan at all. When a business accelerates in growth, the need for extra cash is very important. Have solid business controls on your income and profit margins. Think long term assistance with financial institutions and try to avoid maxing out credit cards or overdrafts.
Do you need help in marketing your business? Or, do you need effective marketing products? Call Paul Whittler Graphic Design. Since 2012, we have been a friend to El Paso’s small business community. Schedule an appointment today! (915) 581-7054.