There are many things that have to be said about small business growth. Unfortunately, most businesses fail because of the fact that not much is known about how to build a proper growth. There is always a need to have strong leadership and an effective growth strategy. Louis Hernandez Jr talks about some things that often stop business growth. Avoid them to increase the possibility of being successful.
A Lack Of Vision
Every single business needs to have a written plan and vision statement. This is what helps plan and make decisions. When no clear vision is in place, businesses waver without a specific direction. Make sure that lack of vision is not present since this can destroy practically any organization. Is it possible to plan or to have a strategy if you do not know where you are heading? This is why vision is mandatory.
A Lack Of Strategic Planning
All organizations need a strategy and you need to have strategic plans that are perfectly mapped out, including strategies. Strategic planning is a process that will help the organization to keep vision moving forward and always fresh. A strategic plan has to be updated every few years in the event that the market changes but you might also want to change the plan sooner if something changed before you planned to make a modification.
Lack Of Written Goals
A company needs to have SMART goals in place. Also, accountability is needed when achieving goals. If these are not present, the organization will surely not grow. It is goals that make the strategic plans happen. If you do not write goals, how can employees know what they have to focus on? Also, if no goals are in place, there is no way to structure performance management. This can only lead to fast business failure.
Lack Of A Desire To Grow
There are many businesses that do not actually want to grow. This is because growth automatically means having to deal with some growing pains. Business owners might not actually be comfortable with making changes that are needed to deal with growth. For instance, the fact that you need to hire extra employees and have to deal with HR management problems often leads to growing pains. It is even really difficult to trust others.
If the business is to grow, upper management, middle management and workers need to want to grow. Commitment is needed by every single person in the organization.
Not Understanding Customer Needs
So many organizations end up stuck when it comes to customer needs. The entire world changes fast so the organization has to fully understand the expectations of the customers while creating a system that will properly take care of them. If this does not happen, it is a certainty that the competition will do this. Customers pay bills and salaries so you have to be sure that they are happy. Businesses can only grow in the event that they understand how to fulfill the needs of their customers.