These Beliefs Are Stunting Your Business Growth Plan
Your business is thriving and you’re set to scale up.
You’ve done the research, you know your industry, but for some reason, your business growth plan isn’t netting the results you hoped for.
Have you ever wondered if the problem is you? The problem might not be with you yourself. Instead, it might be your attitude, beliefs, or other behaviours which are getting your business growth plan into trouble.
In this post, we’ll discuss the various beliefs which may lead many new business owners to “self-sabotage” their success.
What’s Your Business Growth Plan?
How do you guarantee your business growth plan will succeed?
By taking small steps, being vigilant, and most importantly, being self-aware.
Below are some of the most common beliefs that can lead to you sabotaging yourself and your business growth goals.
Your product or service is the greatest, hands down.
But… the market doesn’t know that yet because you’re not releasing it until it’s as perfect as you envision it.
This is a problem. Sure, the market favours quality products. But how do you know how you stack up to the competition if you’re always sitting on the sidelines, waiting for your opportunity to play?
Time is valuable, and don’t squander yours by holding your offering to an unfairly high standard. However, this doesn’t mean you should settle for mediocrity.
Instead, it means you should be seizing every opportunity there is for growth, even if that means putting products on the shelves that are not as perfect as you want.
Chances are you’re already all too familiar with that little voice in the back of your head telling you “you’re not good enough” or “your business growth plan will never succeed.”
Tell that little voice to bug off because, well, you’re simply too busy to let it get in your way. Your business is already growing, and you’re taking the right steps. So why let self-doubt prevent you from achieving your goals?
Like most things in life, changing self-doubt into self-belief begins with a choice. From there it takes practice. But once you begin changing the way you think about you, your business, and what’s keeping you from reaching your goals, things will begin to change.
Not Taking Advice
Other people have been in your shoes before, and chances are good you’re working with some very talented people.
So why not pay attention to what they have to say?
Sometimes a person can get wrapped up in their own head, which makes it difficult to view situations from an unbiased and objective perspective.
If you haven’t already, it’s time to start talking to other people and see what ideas they have to share. Start with your partners, or loved ones, your bookkeeper, or even a local business organization.
Listening to your colleagues and peers doesn’t mean you have to go act on their advice. Rather, simply listen and try to learn as much as you can. Some nuggets of information might prove to be valuable wisdom, others you might be able to brush off.
The point is, keep an open mind and don’t forget there are other people involved in the success of your business.
Are you losing sight of your long-term goals by focusing on short-term results?
If that’s the case, it might be time to take a step back and remember where you want your business growth plan to take you.
Sure, payroll and bills are important. But how do they stack up to the company’s earnings? Staying focused on meeting immediate goals detracts energy away from the growth you actually want to achieve.
Thinking Big Picture
Thinking only in the short-term will get your business growth plan in trouble, but so will thinking only about the big picture.
Your product or service is top notch, and it will someday reach across global markets. But not yet. Why? Your business isn’t ready.
It is important, though, to keep your long-term goals in mind when growing your business. However, focusing too much on the big picture will keep you from minding the details necessary to actually complete your masterpiece.
Remedy this by laying out your goals, and then break down the different steps required to achieve these goals. Doing so will ensure your business growth plan stays on target.
Not Acting On Instinct
We already discussed the perils of not taking advice, but what about not acting on instinct?
Acting on instinct doesn’t mean that your business growth plan should consist of your every whim and desire. Instead, it refers more to trusting your intuition about what’s the right move and what isn’t.
For example, is a colleague trying to convince you to implement a growth strategy in which the risks are greater than the payoff? No matter how emphatically they stress the plan’s viability, your gut is churning and trying to tell you no.
Entrepreneurs are risk takers by nature. But that doesn’t mean the risks shouldn’t be mitigated with proper planning. Stick to your guns and remember to stick to the business growth plan, step by step. But don’t be afraid to revise it as needed.
Not Spending Enough
Considering the bottom line of any business is crucial to continued success. But what happens when you set the bar a little too low?
By skimping on expenses that will help move your business growth plan along, you might also be hindering the overall success of the business, both short-term and long-term.
Not spending enough money while developing a new company can come in many forms. For example, maybe you went with an inexpensive (and thus ineffective) piece of technology instead of the top shelf equipment that your competitors are using. Or, maybe you hired an army of college interns instead of investing in professionals.
Any business owner should keep a watchful eye on their spending. But try thinking about what you’re spending differently. Invest your money wisely and your business growth plan will begin bearing fruit before you know it.
Not Earning Enough
Now that we’ve addressed spending too little money, let’s talk about what happens when your business growth plan distracts you from making a profit.
Sometimes the day to day activity of building a new business can become more important than the final goal of actually turning a profit. Sure, you need to spend money to make money. But that doesn’t mean you shouldn’t be keeping a watchful eye on the books.
Yes, be careful how much money you’re spending. But also be careful with how much money you’re bringing in.
If revenue starts to dip below the norm, take the necessary steps to ramp up the inflow of cash. This could come in the form of collecting payments more quickly or eliminating unnecessary spending.
Whatever the case, your business growth plan should always include increasing revenue.
Failure will always be lurking around the corner, but are you going to let that prevent you from taking another step forward?
Fearing failure leads to playing it safe. And in the world of entrepreneurs, playing it safe rarely leads to the overwhelming success you envision.
When developing your growth plan, try to break it down into small segments so that each goal is accomplished without too much effort. Then move on to the next, and keep going. With each small accomplishment, you’ll be closer to reaching the final goal.
If all else fails, remember, regret is a fate far worse than failure (because you can at least learn from failures).
Losing Sight of Goals
As previously mentioned, your goals should be easily achievable after breaking them down into smaller chunks.
But that doesn’t mean that your plan should remain static throughout the growth period. You should continually revisit your plan and make adjustments where necessary. Just don’t forget to keep your eye on the prize.
Fearing the Competition
Sure, your competitors might have been in the game longer than you, and they might have a better product than you.
But you’re new to this business, so give yourself a break. Your competition was in the same boat you’re in not too long ago. Rather than being afraid of going up against the big players, study their movements (even their history) and try to find an advantage.
Having the Wrong Attitude
It might sound cheesy, but really, your plan will succeed with the right attitude.
Shift your thoughts away from the negative to the positive, and try to visualize your success.
Doing so will prepare you for the day it actually comes, and you’ll be happier in the meantime, too!
Growing a business is difficult but rewarding work.
Do you have a business you’re trying to grow? Or are you in the conceptual stages?
Get a head start on the competition by checking your proposed business name against what’s already on the market with our Free NUANS Preliminary Search tool!