Five mistakes that get in the way of business growth
1. Lack of clarity about what the end goal of the business is and why it's so important. Too many entrepreneurs make the mistake of starting a business without even considering how they’ll expand or exit. You may feel you’ll love your business forever and never want to do anything else, but the entrepreneurial urge that got you this far is likely to leave you yearning for something new.
2. Failure to make your end goal central to everything you do. Scale is all about congruence yet most entrepreneurs fail to communicate the big goal to the key people or fail to build processes into the business that are required for scale. If your business is always bespoke, always requires you to be involved and never systemised, then you have a job, not an exit-able business.
3. Not setting or monitoring key performance indicators that let you know if what you're doing is getting you closer to your end game. You don’t need to have many measures in place but it pays to have a way to track progress and alert you to potential problems before they happen.
4. Not learning from your mistakes. Getting stuck in a "we've always done it this way" mind-set is a sure way to block growth and limit learning potential. A growing business is an evolving business. If you want to scale up and exit then you need to be dedicated to continuous improvement.
5. Not knowing when to let go, get help or step aside. Entrepreneurs are amazing business starters, idea generators and motivators who enjoy being creative and coming up with new ideas. For many scaling is boring at best and impossible at worst. If you’re a big picture person, the details, tweaking, fine tuning and systemisation of a scale up can lead to frustration. Knowing when to get help to reach the next stage is the sign of an enlightened and experienced entrepreneur.
Martin Norbury is an award-winning business mentor and author of the #1 Amazon Bestseller, I don’t work Fridays
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