Entrepreneurs keep increasing by the day as some follow their passion while others are pushed to it by necessity. For a budding business owner, the growth of the business is crucial as it’s what makes you compete with the rest in the industry.
We all know that the major setback for a new business is funding among other things. Before starting out, consider your financing options. The priority is using your savings, borrowing from family and friends. However, all these might not be enough which pushes you to look for external sources. Personal loans are an option and some offer great interest rates compared to banks. SoFi is a great avenue for such as they have a provision for both fixed and variable interest rates. A SoFi personal loan review would help you get more insight.
Besides financing, once your business is up and running, there are a few things that business owners do that may reduce the success rate of their businesses. What bad habits do you need to stop for your business to grow?
1. Being too obsessed with growth
Growth is not a bad thing. However, sometimes, you may be too caught up with trying to grow your business such that you forget to value your customers. It may turn out that you obsess and spend every single day trying to make it grow. In actual sense, valuing your customers and ensuring that the service delivery is top notch may be the key towards the growth after all. Give your customers a reason to come back every time they purchase something from your store.
2. The art of Procrastination
How many times have you postponed something saying you will work on it another day? Many? Countable? Once? Well, procrastination can be too detrimental to your business if you don’t tackle it early enough. If carefully analyzed, you will find that has caused you a few if not more clients. Making follow-ups to clients is a great way to ensure that they refer their friends to you which means more sales for you. Your business could be the demanding ones that take up your time, but it’s essential to have a schedule which will help you track everything you need to do and when.
3. Micromanaging your employees
People have different personality types. As such, you may be the controlling type, perfectionist and wanting things done your way. However, micromanaging your employees makes them feel like you don’t trust them at all. This demotivates them which could end up hurting your business. Understand that you hired them for a reason. Help them grow as they grow your business. Learn how to delegate duties, give them space to work on them without you regularly checking on them and encourage the art of teamwork. When hiring, ensure that those you hire have the same vision as your business. Such a move helps in the growth of the company without a doubt.
4. Spending money before receiving
Some people will often make the mistake of spending money even before they receive it. You have recently landed a contract for supplying building equipment to a particular company. You are too excited about the deal such that you take your friends out for celebration even before you start the supply. Then, you get a call from the company saying that they have changed their mind. How do you recover the money spent with your friends? Know how to manage your finances, use it wisely and see your business grow.
5. Resisting Change
Change is inevitable in business. How many occasions have you had an employee come up to you and suggested a change in a particular aspect of the company and you decided not to go with their idea? You may be the block towards your business’s growth. Be open-minded and learn to try new trends in the market. Change with the changing technology so as to keep your business up-to-date with the rest of your competitors.
Your business is your brainchild, work on its growth. Have a plan on the whole process. Kick the above habits away, and you will be headed in the right direction.
