Think you might be ready to grow your small business? Ensure your company scales successfully by avoiding these common mistakes entrepreneurs make when growing their businesses:
- Trying to do it all
Instead of trying to master everything, concentrate on your company’s strengths and excel in those niche areas. Keep your ideal customers in mind and consider how to best cater to their needs. If your product or service offering is too broad, you risk being a jack of all trades and a master of none. Your niche should allow you enough room to grow while still being narrow enough to enable your business to stand out among competitors.
- Not hiring the best team who can grow with your business
When you need to add people to your team it’s important to make sure to properly evaluate potential candidates to make sure they’re the perfect fit. If your business is growing rapidly and is in desperate need of help, you might be tempted to take the easy route. But if you don’t invest enough time in creating a thorough job description or carefully reviewing an applicant’s credentials, you’ll probably wind up hiring the wrong people. Not only is that a costly mistake, but it can also hinder your company’s growth. Spend the necessary time and resources to hire the right people who can grow with your business. Your team should be made up of people who are driven, have a go-getter attitude, are adaptable, are motivated to learn new skills and techniques, and who can think outside the box.
- Not budgeting properly
All too often entrepreneurs misjudge the costs of scaling a business. When creating a budget make sure to allocate funds for all of your business’s growth needs such as purchasing or remodeling your location, hiring additional staff members, stocking up on extra inventory, increasing your marketing efforts, or buying new equipment to keep things running smoothly. Once you’ve created a budget, stick to it! A working capital loan or equipment financing can help ensure you have enough money to keep your growth plans on track.
- Forgetting about marketing
What good is a second location or a new product if your customer base doesn’t know about it? When scaling your business, don’t forget to incorporate marketing campaigns into your growth plan. You should have a solid marketing plan that includes clear and consistent messaging across various channels such as social media and email.
- Not addressing inefficiencies
Every business has areas where they can become more efficient. Before you begin growing, reexamine your processes, and consider if there are ways you can improve your efficiency such as investing in new technologies. This will help your company streamline processes and operate more productively when you grow.
Apply for a Working Capital Loan Today
ViewRidge Funding can get you the working capital that your small business needs to grow. Apply today and get approved in hours – there’s no cost or obligation and our single page application takes only minutes. Not sure if this is this is the right financial solution for your business? Give us a call at (888) 241-7241 and we can answer any questions you may have.