Part two of this article continues exploring ways small businesses commonly fail because of owners’ undoing. The skill set needed to run a business is vast, necessitating the education of the owner and his or her staff. The Huffington Post notes 10 things small business owners do to limit their growth and sabotage their businesses, the last five of which are presented here.
- Inefficient operations. Make sure your operational system doesn’t hinder the business from expanding because it fails as your grow. The article encourages business owners to build systems for the businesses they want, not necessarily the ones they have.
- Unstructured expansion. Growth strategies allow for a clear vision for expansion, states the article. Owners can develop this plan, then tweak it and follow through on it as time progresses. This will help business owners recognize and nurture growth opportunities.
- Refusing the proper tools. The world will never stop changing, and your business will have to adapt to survive, the article shares. Keep your edge when you utilize the right resources.
- Looking at the wrong metrics. Make sure you're looking into the right values when measuring your company’s success, notes the article. You don’t want to be led down the wrong path by basing your actions on bad data.
- Failure to seize opportunities. The article claims this reason is the “ultimate source of small business stagnation.” Every opportunity may not be obvious, but by establishing clear goals and knowing your business, you will be better positioned for growth.
Click here to read more.