Avoid 4 Common Mistakes and Grow your Business –
As per one study, it has been found that more than 79{2facf265810d5c64deca339a00197305ceb917dadef902f2426694cb75f36e2b} of the small businesses stop growing after 7th year of their operation some of them even start planning to scale down. This is a very grim situation. But why does this happen?
As per another study it has been found that more than 50{2facf265810d5c64deca339a00197305ceb917dadef902f2426694cb75f36e2b} of small businesses do not last beyond 15th year of their inception. Again, this is very discouraging but why does this happen?
My name is Rakesh Sharma, I empower business owners and salespeople to grow their business and maximize their profits.
During the last 10 yrs. of my working as Business Coach my clients have been able to grow their business by double, triple and some even by four times. Since I have been working very closely with lot of business owners today, I am sharing my experience with you.
Read Also- The Key Reasons Why Entrepreneurs Must Hire A Business Coach
If you really analyze the behavior of small and medium enterprises, you will find that there are certain common mistakes which they keep making throughout their business journey. Most of the business owners are into business due to their love for the product they have developed, or because of legacy they got from parents or they were in employment and got fed up with the job and they decided to get into their own business because they wanted to become their own boss. They do not have enough experience of marketing, selling or customer dealing. Many of them do not even have experience of creating and dealing with the teams. Due to these reasons the business suffers badly.
The common mistakes of entrepreneurs
I have frequently seen the business owners committing some common mistakes. For the sake of convenience, I have divided these mistakes into four categories. These categories are.
# 1. Leadership mistakes
# 2. Strategy mistakes
# 3. Team building mistakes
# 4. Systems and structure mistakes
1. Leadership Mistakes- No long-term vision and mission
Entrepreneurs are the source of their business. They are the ones who have conceptualized the business and who have created it. So, business moves around them. An entrepreneur must have a long term vision and long-term strategic planning to achieve it. But lots of small entrepreneurs do not have any long-term strategy.
“Management has a lot to do with answers. Leadership is a function of questions. And the first question for a leader always is: ‘who do we intend to be?’ not ‘what are we going to do?’ but ‘who do we intend to be?’ – Max Depree
In small business the leaders do not even think about a long-term strategy. In the absence of long-term view, they lack in execution and discipline of execution. Due to this neither they are not able to motivate themselves nor they motivate their team members.
2. They do not have defined business strategies
A business must have a noticeably clear strategy for marketing, sales and production and innovation. But most of the small entrepreneurs do not pay much attention to creating and implementing the strategy for their business. In the absence of marketing and sales strategy business suffers badly and growth hampers. A business must have a truly clear strategy for marketing, sales and production and innovation.
“Designing a winning strategy is the art of asking questions, experimenting, and then constantly renewing the thinking process by questioning the answers. No matter how good today’s strategy is, you must always keep reinventing it.”
Constantinos Markides
But most of the small entrepreneurs do not pay much attention to creating and implementing the strategy for their business. In the absence of marketing and sales strategy business suffers badly and growth hampers. Due to a lack of focus they do not create a differentiator, nor they are able to develop their USP. They do not work on profiling their dream customer. In the absence of this spend lots of energy in chasing and following up wrong customers which are a mismatch for their business.
3. They do not develop an accountable team:
As business owners you cannot think of creating a big and sustainable business if you do not have an accountable team. But small entrepreneurs generally do not commit themselves to creation of a team. They do lots of operational work themselves and they are not able to take advantage of others’ time and others’ ideas. Most of the time they do not create a structure of delegation and as a result they keep themselves busy in day to day operational activities. But they have only limited twenty-four hours in a day and due to this they can only do limited work leading to limited growth.
“Leaders inspire accountability through their ability to accept responsibility before they place blame.” Courtney lynch
The entrepreneurs must have a truly clear focus on team building. They must have a clear system of interviewing and selection of people. They must also have a system of motivating the employees and measuring their performance.
4. They do not create a structure and system and processes:
The team shall work well only when there is a proper structure and there is a system and processes. But most of the entrepreneurs do not have any systems to support their teams to work efficiently. For creating effective systems and processes we need to document workflows and sops for working. We also need to automate the processes wherever possible. Having a system of audits shall also help.
We at Prime Performance Solutions, have a vision that during next three years we will be empowering more than one lakh business owners and salespeople by providing them high quality, affordable business tools so that they can grow their business as much as they want. You can be part of our journey by sharing our articles and tools to your friends and colleagues.
If you can avoid the above for mistakes you will be able to you take control of a business and you will be able to generate predictable results in your business.
For this purpose, as business consultant and sales and business growth coach I am doing lots of research work. I am also releasing videos and business articles and e books time to time. You can visit our website and our YouTube channel to make use of our free business tools and resources.
About Business Guru Rakesh Sharma –
Rakesh Sharma is one of the best business coach in India and Business growth consultant. He runs his own Sales Training in NCR. His company is rated one among the best sales training companies in the country by the clients. He is a sales coach in India. he has coached hundreds of clients. As Sales Trainer in India, he has trained coached and trained thousands of trainees across country. He a one among the best business coach in NCR and Sales Consultant in NCR.
