Many businesses and companies, comfortable in their previous and present growth tend to be leery of changing their present methods of doing business, afraid it may upset the balance that they have achieved so far.
Caution is commendable and makes sense when a stalled economy has you concerned that your business may not survive, let alone thrive. But there are several methods that obviously help businesses to expand and by believing the myths surrounding them, you may make one of your biggest mistakes.
Myth No. 1
I don’t need a website with a shopping cart. My products and services sell very well right now, so why would I bother selling them online also? As of last year only 11% of Canadian companies sold online, yet the value of what Canadians bought online more than doubled. Canadians spent 18.9 billion dollars online in 2012 and a lot of that went to companies outside of Canada, due to the unavailability of what they were looking for in their own country. Businesses need to look at what consumers are asking for and provide it, if they wish to continue with growth, otherwise they will be left behind by those who will provide it.
Myth No. 2
My relationships with my team and original supporters are not or no longer important, as long as the job gets done and there is money coming in. While team members (or employees) in some cases are one source of relationship problems, the original relationships that you brought into your business should always be taken care of. These include financial and marketing experts who may have originally helped get your business started and gave you advice that kept you from making mistakes that would have been the downfall of your business. All businesses, even those where the sole proprietor wears all of the hats, have supporting members and those members should be taken into account as your company expands.
Myth No. 3
Details don’t count. Most business owners have no idea from month to month, let alone week to week, how they stand in comparison to previous months. You need to know your numbers and the numbers are in the details. While working with a team can help your business expand faster, if you aren’t keeping track of the little things, that expansion can quickly slow and even start to contract. While no one likes a control freak, the smart business owner does his or her homework and takes care of any outstanding issues before they can cause major problems.
Managing and pinpointing the key areas where you need help – either from the outside or from learning more, are the stepping stones of a long term, financially viable business. Understanding the underlying details and determining what needs to stay and what needs to go will help you avoid the myths above that will keep you from growth. Keep your vision for your business intact by always being aware that there may be something you are missing, new ideas you could apply to your business and changes you could make that will help you avoid major business mistakes.
© Chris Draper, DemGen Inc. 2014
image courtesy of resources.rpoassociation.org
