Surviving in a competitive economy is much easier said than done. As a business owner, you need to look at a plethora of different ways by which you can grow your company. However, many entrepreneurs make some grave mistakes that seriously limit their chances of success.
Finding the right answers to this problem led us to QSD, the association of German translation companies. German companies are well known for their excellent management, and the world can learn a thing or two about growth and expansion from them. Their members are committed to providing quality services, and have largely avoided the major mistakes that other companies usually make. The company wants to promote quality in the translation sector by spreading awareness about the common mistakes that companies can avoid making. Here are some that should be known.
Lack of Strategic Planning
A business needs to work on a roadmap that will guide them through the growth spurt. A roadmap that can work in tandem with your business priorities, core values, vision and mission statement.
Having a plan like this in place can help a business make correct decisions, maneuver challenges and overcome obstacles. It also aids in optimum allocation of resources. On the other hand, a lack of it can make it difficult for a company to achieve its goals and objectives.
Also, a plan also needs to have some room for flexibility. After all, a business operates in a dynamic environment and the plan should include provisions for review in case there is a change in one of the internal or external factors.
Not hiring the right team
Companies that are looking to scale their business to the next level need to invest in time, effort and money into building the right team structure. What has worked till now may not work necessarily wok in the future too. Poor workforce planning can also lead to high turnover rates at organizations, jeopardizing the growth forecast completely.
Having the right manpower, especially in critical departments like marketing, sales and operations can help a company maneuver the challenges that come with moving into new markets. While it is a good idea to hold onto existing talent, bringing in specialist, when necessary should definitely find a place of importance in a company’s growth strategy.
Not moving out of your comfort zone
Many a times, we see an entrepreneur working on his product or service without ever launching it in the market. And yet, field experience and user feedback are often key elements in defining the “final” product that will be launched. Remember, your product will improve as time goes by. Launching the perfect product from the beginning is almost impossible.
Making poor growth projections
Having realistics growth projections, keeping in mind the available resources like manpower, inventory, market conditions is an important factor for companies to get their planning and execution right.
An overly optimistic or pessimistic growth projection can jeopardise a company’s reputation, causing immense harm to its key stakeholders like customers, vendors, employees and investors. It is a good idea for companies to keep a close eye on their growth projections and review it if and when necessary.
To sum it up, making mistakes is a natural part of the growth process. But a business should be well prepared and agile enough to face the hurdles and overcome the challenges that gets thrown out it. Doing this can ensure long term growth and success for a business.