Let’s discuss about ‘mistakes to avoid when it comes to growing your business’. So, you may want to grow your business to the next level. And you are doing all the things to the best of your knowledge possible. Yet, there are certain mistakes that can always be avoided, or corrected if they have already happened, so that your business can grow to the maximum potential. In this article, [which will be added to from time to time], I shall be sharing and discussing about some of the mistakes to avoid [or correct] when it comes to growing your business.
Some background info.
Hi, I am Dr. Maharaja SivaSubramanian N. Blogger, Coach, Consultant, Speaker, Trainer. And also a human being who has had experiences and exposure of my own share of success by working various frameworks (both created by others and designed by me)
And yes, here’s a disclaimer too. This is part of my own experience, education and all the perspectives coming from there. And very much subjective to changes which otherwise I would label as evolution as I evolve. So, take it for that, another perspective and another way of looking at life. If you feel it can be empowering and you are ready to take responsibility for the consequences, then give it a try. And again, absolutely not a substitute for professional help.
Let’s discuss about ‘mistakes to avoid when it comes to growing your business’.
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Decide: Is it a business or is it a lifestyle business.
Some people run a business for the sake of running a business and being really passionate about what they do. And some people, want to have a business so that they can have a desired lifestyle. Which category you are? And if you answer both to an extent, then which category you are [or want to be] predominantly. Based upon the area of your choosing, you will then have to work on structuring and operating the business in such a way that it meets your goals.
Both types of business tend to usually have a different type of structure, and also differences in terms of niches they focus on, operational model, marketing, etc. So, give it some thought, and create strategies accordingly.
Running it as a one-man show.
If you want to grow your business beyond a certain level, then you need a team. A team which can support you in some of the major areas as needed like for managing finance, operations, marketing, sales, production, etc. There need to be certain people who may be on the payroll and some who may be hired on a need basis. Either way, running it as a one-man show, and not growing a team is a sure shot way of reaching a growth plateau.
Not having the right models in place.
Business is a collection of models. Yes, it is.
1. What is your business model?
2. What is your marketing model?
3. What is your operational model?
4. What is your financial model?
5. What is your delivery model?
And much more. Every division in your business should have an appropriate model, and all the models should work in a synergistic manner to achieve the desired business results.
Not knowing the numbers.
Business is a game of numbers. And some of the numbers include:
1. What are the KPIs?
2. What are the sales numbers?
3. What is the revenue that needs to be generated?
4. What is the profit percentage? Gross profit and net profit?
5. Is the gross profit more than your direct expenses?
6. What is your EBIDTA?
7. What is your burn rate?
8. How much cash do you have before your burn rate may force you to shut down or go for external funding?
9. What are your projections, in terms of sales, revenue generation, profits, etc?
And much more. A lot of business people [including self-employed, one-man entrepreneurs, small business owners, etc] have very little or no idea about their numbers. And without the proper knowledge of numbers, it will be challenging to plan and execute according to the desired results. So, know your numbers, know your results, and create an aligning picture. And based upon that picture, vision, mission, [however you choose to discuss it], come up with suitable strategies, plans, and execution.
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Dr. Maharaja SivaSubramanian N
Helping you make your dreams your reality.
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