Every business faces challenges and obstacles as it grows.

Anticipating these challenges and knowing how to overcome them in advance is the best defence against them.

In this article, we will discuss three common business growth challenges and how to overcome them.

1. Difficulty Managing Resources

Business growth demands that businesses expand their capabilities. That means an increased capital requirement, hiring more people, managing increased responsibilities, etc.

To effectively manage these resource issues and others that may arise, businesses need a plan. And to take steps to ensure that the resource-driven challenges to their growth do not cripple them.

For instance, if you want to grow your business sales by 10% this year, you need to plan for the capital necessary to increase inventory, marketing budget, and more. You need to ensure that it is readily available before it is needed to avoid a severe impact on your growth goals.

 

2. Difficulty Meeting Increased Customer Needs

The implication of growing your business is that you will have to serve more customers and offer more value.

The challenge, however, is in effectively servicing more people and maintaining a consistent standard of service that makes the experience worthwhile for your existing and new customers as your business.

Many businesses fail to grow because of the challenge of meeting up with the increase in customer needs and expectations.

To overcome this challenge, you must implement systems that standardize operating processes, making it easier for you to manage every new customer.

 

3. Inability to Embrace Change In Leadership Role

As your business grows, you realise that you as a business owner will not always be able to put out every fire or attend to all your customers individually or even supervise every task or employee.

The idea of not being everything to your business as it develops is scary, and many owners don’t embrace it.

As a result, they hinder business growth, become frustrated and suffer burnout.

Business owners need to understand from the onset that business growth means a change in what the business requires from them.

As the business grows, you will need to focus more on the long-term, and overall performance of the business instead of short-term and individual crises and issues.

Your daily duties will shift from attending to every issue to creating systems, standardizing processes, and managing vision and resources to create an environment where employees can thrive and run the business adequately without you.

Because, as the business grows, it will need to operate without depending on you to sustain that growth.

If you need help identifying obstacles to your business growth and overcoming them, contact Mr Ted Iwere today!!!

PLUS: Whenever you’re ready, here are ways you can work with us in starting, growing and scaling your business:

1. Dive into the strategies and tactics you need to build a self-managing and owner-independent business that runs with or without you! Enrol for the self-paced course on The Business Builders SystemTM. SIGN UP NOW.

2. Do you want direct advisory and mentorship and would like to work with me one-on-one?

The Accelerator, our exclusive 12-month programme, is for entrepreneurs who are looking to increase their profitability, create more balance in their lives and are ready to become wealthy by building self-managing, owner-independent businesses. Click here to apply now

3. My Business Advisor (MBA) is envisioned to help entrepreneurs in growing their businesses to scale, driven by the fundamentals of what creates successful businesses. Click here to learn more

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