One of the biggest complaints of small businesses is that they’re not growing faster. It’s something that comes up time and time again and frustrates everybody involved. We need a solution.
Why businesses fail to grow isn’t random. In fact, the same problems feature repeatedly. And it’s these problems that are holding companies back from achieving their full growth potential.
Expecting Too Much Of Employees
Small business people tend to be intensely passionate about their businesses. If they weren’t, they would be doomed to failure from the start. But many employers expect their employees to share the same passion that they do. And here’s where the problems begin.
The problem is that most of your employees won’t share your passion. In fact, many of them are just there to pay the bills. They aren’t interested in helping you grow the business like they said they were at interview.
At this point, you have a couple of options. You can either get mad about it. Or you can adjust your expectations downwards. Expect to get employees who are just there to do a job. If you get more than that, see it is a bonus.
Not Taking The Tough Decisions
Getting a company to grow requires making some tough decisions. Many of these tough decisions involve whether to spend money or not. After all, spending money is not without its risks. Many companies struggle with equipment financing or making new hires. But without taking on credit or employing new people, businesses don’t grow.
If you want to be successful, you need to have the right equipment and people to do the job. Often, when you have the right assets in place, the whole nature of the company shifts. Taking on somebody to take calls or buying a new machine, changes the business in unexpected ways. Often the expansion process itself allows you to spend a lot more time growing the business.
Small business owners also have to take tough decisions on staff. Sometimes certain members of staff can bring down a whole team and an entire business. And often small business owners don’t want to deal with the problem.
However, every day that the problem is allowed to go on is another day of lost productivity and growth. Business owners, therefore, need to bite the bullet and work through problems with their staff.
Failing To Track KPIs
Key performance indicators or KPIs are of great interest to businesses looking to grow. But many young companies don’t have adequate performance tracking facilities.
Performance metrics are important for many reasons. You need them to keep track of how your business and your team is performing. You need them to tell you when you’re falling behind on your targets. And you need them to tell you whether you’re doing a better job with customer satisfaction than you were last month.
Focusing on performance right from the start will help your business get used to the idea of tracking numbers. Trying to implement performance metrics at a later date may prove to be difficult.