we business comes with its own unique challenges, many of which you will face for the first time. the occasional mistake might happen as you learn what works and what doesn’t for your specific situation.
we’ve compiled seven of them as well as easy fixes to avoid the same pitfalls of many entrepreneurs.
a lack of upfront prep work
your path to growth starts at point a and ends at point b. but there are many different paths to get there and no two small business journeys are the same.
taking time to do some upfront preparation gives you a roadmap to plan your journey. it can involve market research, looking for leads, and forecasting. the preparations will vary based on the size and type of business.
the fix:
talk with similarly experienced connections
develop new processes
do some early reach out
chasing too many opportunities as a startup
knowing what opportunities to chase ensures that your work is focused on what creates the best long-term value for your business. keep your scope narrow and you’ll bring your best self to a select few opportunities rather than not bringing enough to too many responsibilities.
the fix:
document potential opportunities
set time aside for prioritization
use an impact effort matrix
no investment in your infrastructure
start to look at all the tasks you manage as the business owner. are you capable of tackling the same tasks as the scope increases? and if not, what are some of the options to make it manageable?
the fix:
brainstorm potential pain points.
look into tech solutions
do cost-benefit analysis to prioritize
frantically hiring employees
some problems can only be tackled with proper people power. but hiring new employees takes time with a process that requires an attention to detail. if you wait too long to hire employees, you risk rushing someone through the process. or you could potentially not give the process the attention it deserves as you’re juggling many other things on your to-do list.
the fix:
establish a hiring process ahead of time
do a cash flow analysis
choose roles and salary or wages
focusing on short-term solutions
the best kind of growth for a small business is sustainable growth. short-term wins that cost you progress for your long-term goals will slow you down in the long run. when looking at the tasks you want to tackle, pay attention to whether you’re prioritizing a short-term solution. investing in a long-term solution helps you grow sustainably and saves you stress.
the fix:
create a list of solutions
break down the short and long-term impacts
make an informed decision
not tracking your progress
it’s likely you’re going to try a lot of new things as you grow your operations. some things will succeed, some will not. what’s important is that you’re measuring and reflecting on whether new strategies are effective. if you’re going to make a change or take a new approach, have some metric that you track to prove it’s effective.
the fix:
establish success criteria
commit to maintaining your reporting
have a regular check-in cadence:
not developing a solid brand recognition
new brands have to put in the extra work to start being recognized by new customers. the most common strategy is to do some traditional marketing, but don’t let that thinking limit your approach.
the fix:
define your audience
pick your channels
choose your messaging
the journey of growing a business is an exciting time. it’s an opportunity to deeper invest in a project and achieve its fullest potential.
with the right support and a little bit of preparation, you’ll set yourself up for growing your business successfully and sustainably.