When your start-up has made it, you are inside. That is a misconception that lives with many people. It would now only be a matter of scaling up before millions come in.
Unfortunately, that is not the case. Growing your business is accompanied by a large number of challenges that you have not yet encountered in the start-up phase. In this article, we list 11 challenge for you, which you will almost certainly encounter when you want to grow with your company. We also give you tips to overcome these challenges.
10 challenges you face as your business grows
As an entrepreneur with a growing company, you naturally know that there are challenges to be overcome. Otherwise, you would never have got to where you are now. But growing your business creates completely different challenges than you have experienced so far.
Challenge 1: Build a Strong
Building useful products results in the growth of tremendous sales and profits. But if you are unknown to the world. You don’t have any market value or very less in a specific area, however, there are many opportunities to get sales around the globe.
So, you are creating top quality and affordable products as compared to the market, it’s advised to build a brand. Market your brand with advertisements and sponsorships. Create social media campaigns and user easy username on Instagram, Facebook, Twitter etc., so people can easily remember. This way you’ll be acknowledged and get unforgettable fame.
Challenge 2: lack of financial resources
Growing a business is almost impossible without investing. But you need money to be able to invest, and that is sometimes quite difficult. Your start-up is probably not yet profitable enough to be able to make all the necessary investments.
The solution
Many companies choose to look for external financiers. With such a financial boost you can often take very large steps in the growth of your company. Be well informed, so that you do not give away too much from your company in exchange for an investment.
Challenge 3: growing the company no longer has the focus
As you grow the business, there is a good chance that you will spend more and more time on day-to-day business. You have many roles within your company, so you lose focus and have too little time to plan your growth.
The solution
Give priority to making your growth plans and plan a fixed moment to reflect on it. If you do not, it is very difficult to grow your business in the direction that you have in mind. Write out life goals, annual goals, monthly goals and weekly goals. This way you can see every day if you are still moving in the right direction.
Challenge 4: finding suitable staff
Those who want to grow their business cannot do it alone. So you need staff. A process that takes a lot of time and energy and the outcome of which cannot be determined properly. You read resumes and motivation letters and you conduct job interviews to find the best candidates. And then it is hoped that they want to work with you.
The solution
Determine as accurately as possible what you expect from your staff and communicate as clearly as possible. The vaguer your vacancy, the greater the chance that you will not get the right candidates. Pay a lot of attention to the competencies, skills and experience that someone must have and do not stare blindly at resumes. Also, ask them what it takes to bind them to you for a long time and see if you can make that happen. After all, you are looking for motivated, competent employees who want to achieve their growth ambitions.
Challenge 5: not knowing how to grow
You read this article because you are running into the limits of your growth. In the current structure, you are unable to take the next step. That is a challenge that almost every entrepreneur encounters sooner or later, precisely because there are many roads that lead to Rome. Which ways are there for further growth and which path is most suitable for you?
The solution
There are many ways to get help in growing your business. For example, you can seek advice online or attract people who have chopped this axe before. But another major problem is that entrepreneurs are unable to delegate. Because of this, you have no time to discover how you can grow further. Check with yourself if you can dispose of tasks so that your free up time to work on growing your business.
Challenge 6: you forget your network
You have undoubtedly already built up a great network. Many entrepreneurs forget to use only that network. It is very valuable to collect input from your network about growing your business.
The solution
Before you start asking for favours, it is smart to hand them out. Invest regularly in your network by sharing valuable knowledge and helping others. After all, you cannot get any money from the bank unless you have deposited it first.
Challenge 7: innovation fails (anymore)
As your business grows, it becomes increasingly difficult to remain innovative. In a larger company, there is often more bureaucracy. This can lead to your organization being less flexible and innovative than before.
The solution
Anchor innovation in your company. By ensuring from the start that your employees have the space to innovate, it becomes part of the DNA of your company. Encourage cooperation, be open to failures and keep learning.
Challenge 8: "It's good, right."
The right mindset is of vital importance if you want to grow your business. Anyone who is satisfied with a stable turnover never dares to take the risks necessary for growth. Whoever thinks too small, misses the unique opportunities to take the next step.
The solution
Make it crystal clear what you want with your company and why you want it. Of course, it is not mandatory to grow, but if you want to, you must dare to act accordingly.
Challenge 9: do not color within the lines
It is teeming with entrepreneurs in all kinds of sectors. Nevertheless, there is a high risk that you will stick too rigidly to your own sector and therefore miss out on interesting solutions to your problems.
The solution
Simple: dare to walk off the beaten track. You have come that far by being innovative and taking risks, keep doing that. Look beyond the boundaries of your own industry to see how other entrepreneurs have grown their business.
Challenge 10: no grip on your finances
The larger your company, the more money it uses. And the harder it is to keep a grip on your finances. The problems also increase exponentially: that you cannot pay yourself a wage for a while is so far. But as soon as you can't pay your staff, you really have a problem.
The solution
Make sure you keep a grip on your finances and always know how you are doing. A good accountant is half the battle. A professional who can help you manage your money flows is practically indispensable. Do you still want to keep doing it yourself? Then make sure you always keep track of sending your invoices, make a budget, look critically at your costs and make sure you know how to book. But in the context of delegating tasks, such an accountant is a good step.
Challenge 11: you lose your product/market fit
You have come so far because you are selling a product or service that solves a human problem. That is very simply your product/market fit. But once your business grows, it's a challenge to keep that 'fit'. Maybe it's because your target group has different requirements or because the competition has increased.
The solution
Be aware that you can lose a product/market fit. It is all too tempting to think that once you find it, you are rammed. Keep listening to your customer and adjust your product or service if necessary. And above all, keep moving.
Bonus tip: growing pain? Don't despair!
If it was easy to grow your business, everyone would be able to do it. You already discovered that when you started doing business, but it is important to remember that growing pain is always part of it. It is logical that you sometimes have doubts about yourself and want to give up, but successful entrepreneurs cannot be ignored.
For those who persevere and know that growth is going to happen, there are great opportunities. As long as it is clear to you were and for whom you are doing it, no challenge will be too powerful for you. Keep working on your goals and realize that you are not the first to have a hard time. And seek help where possible!
