Six Easy Ways To Slow Your Company's Growth, and How To Avoid Them
1. Fear Change
One of the greatest challenges facing today's managers is change. People fear it. It takes us out of our comfort zone and it increases uncertainty. But times have changed. Yesterday, a slow and consistent approach to running a business got you by. Today, your best weapon in the marketplace, your competitive advantage for growth, is the ability to quickly adapt your business. Waiting too long to respond to a changing market may mean lost sales, lost market share, or worse.
Companies need to identify viable opportunities and make changes to take advantage of them. Remember, if you don't, your competition will.
2. Use Poor Judgment
The lack sound judgment and good decision making data and skills will likely cost the company in the future. Don't use market research and data information. React emotionally to the competition and market trends. Don't have an ActionPlan, and don't get help from professionals. Follow all of the above and your company will slow down.
Before making important decisions decide on a set of criteria to evaluate your options. Then once you do, be sure to stick with them.
3. Don't Set SMART Goals
All too often businesses make goals that sound great, but never actually get off the ground. This is usually the result of setting unrealistic expectations or never explicitly stating how they will be reached. Yes, a ten percent increase in annual sales sounds great but a really great ActionPlan spells out word for word how the organization will reach it. They are:
Specific Measurable Attainable Realistic Time Bound
The concept is so simple it's alarming when managers don't get it. A sound strategic goal is the roadmap to a company's decision to grow.
Make sure your ActionPlan is complete and your goals are SMART.
.
4. Squash Creativity.There have been a number of articles published that college undergraduates with Liberal Arts degrees actually do better in business than those with business degrees. Odd. How could our 'artsy' college fellows possibly outdo us at our own game? The answer is creativity - and they have more of it. It makes sense though. After years of doing everything by the book we're stuck. Like lemmings we all too often follow a road most taken, a prepared step-by-step approach to running a business. You do it long enough and you may even forget to look for better paths to follow.
So what do we do to fix it? Be creative, and if you can't, then bring in people who can be. Start to look more seriously at those artsy college grads or out of industry professionals. Process knowledge can trump industry knowledge. Be open-minded. The next crazy idea you hear may be worth more than you think.
5. Don't Get Expert Help
There comes a time for all businesses to look for outside help. Some problems just can't be solved without specialized knowledge. Legal help, investment advice, and accounting services are all examples of areas of expertise where outsourcing can be beneficial. If you consider the high cost of making a large mistake, the fees incurred from professional outsourcing don't seem quite so high anymore.
In the long run your attorney, banker, CPA, marketing and other business advisors can save you more than just the trouble of doing it yourself. They can save your company a lot of money and help you accomplish your goals.
6. Don't Communicate.
Like all relationships, communication is an important part of keeping people together. Not surprisingly, business relationships work in a similar way. Specifically, good business communications are persistent, predictable, and consistent. Communication fosters trust. In some instances, companies may not fully understand an aspect of their own business. A long standing and trustworthy business contact may be in a unique position to point out a marketing need or business opportunity.
It is important to assess employees and clients needs through conversation, not just research. Good communication is good for business, and business benefits us all.
|
