Entrepreneurs don’t just want their businesses to survive. They want them to thrive. They want them to expand and grow. However, many don’t realize that they are actually stunting the growth of their business. They’re slowing it down, or stopping it from growing altogether. Read on to find out the answer to the question, ‘are you stunting the growth of your business?’
Taking Too Long To Hire
By taking too long to hire, you could be impacting your cashflow, as you can’t offer the level of service that people want from you. If you have to stop orders because you just have too many, then it sounds as if you need to hire some more staff. Putting it off for too long in an effort to save money could only be costing you money. Take the leap and hire somebody if you’re getting orders and interest in your business!
Hiring The Wrong People
Although you shouldn’t wait too long to hire, you should avoid hiring the wrong people. Just because you get along with somebody at the interview stage, doesn’t mean you should hire them. This doesn’t tell you anything about the kind of employee they are, or how they’ll fit in with your company culture. Make sure you look into their background history and speak with their previous employers to get a clear idea of what sort of employee they are. That being said, they don’t need to be the most experienced employee for you to feel good about hiring them. Sometimes, all you need is somebody with the right attitude who is willing to use.
Not Spending Where You Need It
Although keeping money in your business is essential, you need to spend money on certain things. Know where you should spend and where you should save. For instance, a piece of equipment could make your employee’s lives easier. Comfy, luxury chairs aren’t going to do all that much though – at least until you’re sure you can afford luxuries!
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Dismissing Feedback
The customer isn’t always right, but dismissing feedback could be stunting the growth of your business. Make sure you’re taking it into account and coming up with solutions and ways you can improve. This will improve your image too. Just make sure you’re not taking your feedback too personally. This isn’t about you!
Offering More Ways To Pay
By offering more ways to pay, you give your clients and customers more incentives to work with you and pay on time. Offering different options, such as mobile credit card processing, is a very good idea.
Failing To Automate Your Business
Automating your business can leave you with far more free time. Take a look at your business and work out where you could be saving time by automating. If you’re still wasting time doing these monotonous tasks, you could very well be stunting your business growth.
So, are you stunting the growth of your business? These tips should help you to break out of plateaus by recognising where you could be going wrong. Make positive changes and your business will expand in no time!
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