Three Things That Are Holding Your Business Back

Posted by Admin | July 2nd, 2014

Every year, businesses fail. The fault is rarely in the passion of the owner. However, the mistakes are often entirely avoidable. Consider the three following pitfalls that can keep a business from growing.

1. Going solo. In business, owners are solely responsible for the ultimate success of their business. Yet, even though business is a competition, too many owners make the mistake of ignoring outside feedback and advice. A prosperous owner will learn, relying on feedback from market analyses, customers and employees. More than that, a smart business owner will talk to other successful owners and learn what works and what does not.

2. No hindsight. All businesses need concrete growth goals. However, just because a business needs forward thinking does not mean the past should be ignored. By neglecting to reflect on the past, it is impossible to see what works. A smart business owner is always reflecting, considering sales and customer feedback. Official evaluations should be conducted at set times throughout the year in order to make changes for the future.

3. Broken promises. Every business makes a promise to customers. Too many businesses fail to realize exactly what their promise entails, which can lead to dissonance between businesses and customers. If customers are not satisfied, it is good to think about exactly what the business is promising and what the business is delivering. Any discrepancy should be remedied promptly.

By addressing these three areas of concern, it is possible to take your business to the next level.