Let’s be honest, sometimes planning your whole year before the 1st of the new year rolls around is a little nuts.
Especially when it comes to your strategy for success in business because some things that concern you, may not concern others.
But let’s face it folks: Things change. Opportunities often resurface, which opens the door to even bigger opportunities.
The world is still changing or changing even if we’re so accustomed to change that we sometimes don’t see it.
But even when change is rampant, successful businesses are structured and the right people have the opportunity to learn and grow to their maximum potential.
If you are not already growing, stop, and think about these five “sins” that can derail your growth:
1) Focused on opening another store, opening a new website, or growing a vertical that doesn’t match your business plan or model.
Once you open a store, reevaluate your strategy. What do you really want to do? Where is your business model making you money? What should it be doing in its new space? How many employees can be hired at this stage? How much will it cost and is it worth it?
The retail game is always changing. How often do you get the same location? Is it providing the same traffic? Have the right systems been put into place on the floor or in the back office? Is strategic marketing in place? The answer to these questions is you durable to do business with this store or store.
Think about this from a personal standpoint; What is your purpose in this particular interview? The following couple of scenarios will help to point you in a good direction about how to structure your growth strategy.
You meet with your recruiting agency to hire employees. They are telling you they want to target specific fields; science, math, teaching, accounting and finance, and others. You think to yourself great and great potential to reach my customer base with my product/business. The next day you look at your new employee recruitment list; there is for people studying teaching but you have nothing after the Corsair. It’s about what you do.
Since you have so many address energies, complaints, and disasters. What is primarily representing your business to your customers?
2) Focused on getting ready to compete directly against the best.
If you’ve ever made a plan to compete against the best then you’ll know what I am talking about. Without one, your route to success is definitely going to be hard and takes lots of time and energy.
Contrast this to your physical exercise routine. This is something you really do better when you do it. Do you get better after days or weeks of lifting the weights? No. You get better no matter how long you lift them or how much you lift them. You also need to give it some good physical conditioning. When you workout, you need the right balance, dynamic strength, and proper lifting techniques that could be beneficial to the business.
3) Focusing solely on driving in traffic to grow the customer base.
Successful businesses only make money when the customers buy something from them, so they can’t afford to spend an abundance of time and energy on driving in customers.
However, success matters only from a business perspective. Some aim for it all the time, but not very many achieve it.
Yes, it takes up a lot of energy and unrewarding especially when it comes to energy. But great business leaders do it anyway as they realize that the process of driving in customers also provides opportunities to build “loyal bridge customers” that make the building of business by referral an investment rather than an expense.
Look at your own activities in front of you. Are you really achieving the business you want? If not, decide to shift your activities to the right path about developing great customer relationships that are not always with you or your business?
4) Focusing solely on fund raising.
Some very successful business owners will invest a good amount of their energy to fund a part of their business or non-profit using other people’s money. Sometimes the focus is more on raising money as opposed to carrying out other strategic plans.
This doesn’t mean you can’t do what you’re good at doing, but make sure you’re making more productive use of your time and energy investing extra time in your business.
Citation research shows there is a great method for raising money and you need to fund such a campaign.
5) Focusing solely on selling.
People buy products for reasons other than profits. Ann giveaway is probably the best example. But sales really do not come naturally.
If your customers know this, would everyone be interested in a way to pump up your sales? Would your business thrive even knowing that it’s just increasing your customer base?