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If you have embarked on a growth journey in your business it is important that you pay attention to the details and foolproof your plan, or you will face difficulties and spend all your resources and energy on putting out fires, instead of putting systems in place. Below you will find a few things that can threaten your business growth.
1. Industry Changes
No matter how good your business plan is, and how well it looks on paper, it is crucial that you test it in real conditions and the current market. If you are facing industry changes, or the priorities of your customers, your perfect business idea might fail. It is crucial that you keep an eye on your ideal client and change your approach according to their needs. Doing surveys and market research before launching can be a great way of making your plans bulletproof.
It is not enough to understand what your target market wants; you have to find a way to stand out from the competition and differentiate yourself in the market. You will need to identify a strong USP for your business that you can communicate through your social media and website content. After all, it is not what you sell, but the value you offer than matters to your potential clients. If you fail to research your competition, your offers will get lost in the white noise.
Regulations are an important factor when it comes to carrying out any type of business. You should ensure that you are aware of the current and pending regulations, so new laws cannot put you out of business. For example, if you are planning on creating a new product, you will have to get it first approved and tested for safety in some industries, or you can be liable for any damage to the customer.
4. Reputation Damage
Many business owners make a mistake when creating a growth plan ignoring their existing customers. If you are planning on managing a rapid growth with success, it is crucial that you maintain the quality of service you are providing for your existing clients and the increase in volume doesn’t cause lower value or accuracy. When your reputation is damaged, you will not only reduce your chances of getting new clients, but your existing customers might leave you, too.
5. Unexpected Expenses
A reputational damage is often followed by financial loss, and if you don’t follow the regulations, you will even face financial penalties. Likewise, failing to deliver health and safety training, or ensuring that your vehicles and drivers are safe on the road can jeopardize your cash flow. Just imagine if one of your drivers was involved in a commercial truck accident and you had to pay compensation for the damage, how would your growth plan suffer?
There are plenty of ways you can ensure that your growth plan is not affected by things that are predictable or preventable. Take precautions and test your strategy on real life business scenarios.