I’ve been writing business features for a while now, and in that time, I’ve come across a lot of small and large businesses that fail to hit their targets in terms of growth, or wind up growing at an extremely slow rate. Then there are those that go through a period of massive exponential growth, but have owners who don’t know how to handle it! If you want to hit your targets in terms of growth, you need to understand the factors that affect it, and avoid the major blunders that a lot of entrepreneurs seem to make. Here are a few big mistakes you need to avoid when it comes to stimulating growth…
Having a Poor Mindset
If a business owner doesn’t have the right mindset for stimulating their operation, and generally going the extra mile with the work they’re putting in, it can be a serious strain on the company’s potential for success. Many uphold that success in business is 90% in the owner’s mindset, and 10% practical work. I wouldn’t say this is entirely true, but hey, it drives my point home! You need to have the courage to take risks, and the logical shrewdness to know which ones are worth taking, and which could blow up in your face. Even when things knock you down, you need to have the resilience to bounce back and carry on striving towards your next big milestone.
As your business grows and develops, you’re going to need to hire people in to take care of various tasks. When running your recruitment drives, it’s essential that you try to avoid any missteps, and thoroughly scour your pool of talent for the very best people for the role. A single bad hire can cost your business tens of thousands in a short space of time, and poison an otherwise positive workplace culture. The really bad ones can be the root of HR and employment law disputes, which may send you high-tailing it for companies like Ellis Whittam. If there’s one common mistake made by small business owners, it’s having a recruitment process which isn’t demanding enough. If you’re running on a simple application and an interview, it may be time to add a few more layers to the recruitment process. Have questionnaires and several interviews, possibly even group exercises with rival candidates. If they’re a creative, then have them do a trial piece of work. I know, this sounds gruelling, and that’s the idea! If a candidate makes it to the end of this process, you’ll know one thing for sure: they’re willing to jump through hoops when they’re asked, and they have a genuine interest in working for your company. This means that they’ll be much more receptive to training and ongoing guidance in the job.
Neglecting the Website and SEO
It’s 2017, and that means that as a business owner, your company website needs to be one more money-making part of the overall operation. Despite this, countless business owners maintain websites which have never made a penny, and exist purely for marketing purposes. While a good website can certainly be a great marketing tool, you need to make sure that you’re getting the most out of yours. Different company sites require different approaches, but there are certain universal principles you can follow to ensure it garners a better conversion rate. First of all, make sure it’s educational. Before they decide whether or not to buy from your company, your target market is just going to want information and education from the site. Next, be sure to include an opt-in box with a decent level of white space. This is a great tool for getting new customers’ names and email addresses. Finally, you need to pay some attention to your organic SEO ranking. A lot of small businesses will invest in PPC, and assume that this is all the marketing you need in a modern, digital age. However, if you’re not doing anything that will reap in organic (through normal search results) traffic, you’re inevitably going to fall behind your competitors. Whether you hire a full-time in-house team, or outsource the work to a company like SEO Professor, you can’t afford to neglect this facet of online marketing.
While growth is necessary if you want your business to be as successful as possible, there’s a right way and a wrong way to stimulate it. As you start to expand and develop, keep these mistakes in mind, and do everything in your power to avoid them!
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