Do you know why most of the mid scaled companies could never make it big? Do you know why big sized companies decline growth year after year? Do you know those 3 most common mistakes made by almost 90% of the companies which not only stop their growth, but sometimes results in bankrupt owners and failed business. In this article, we will share the top 3 commonly made mistakes which even you might be making unknowingly and those can harm tragically. Please be advised that we have collected this data from industry veterans who offer professional business operation and management services.
1. Not updating skills with time
We all are living in the rapidly growing world. Everything around us is changing too fast, but a majority of us are too slow in recognizing and adopting these changes. The business owners are not an exception in this. Even the most successful businessman of his time may fail in this category. To give you a reference, we would like to suggest you to read the failure story of Kodak. The Kodak was one of the most successful company which fails in recognizing and adopting the power of Digital Photography and resulted in disastrous failure.
You have to adopt new trends and technologies to run your business and achieve growth. You have to offer your services according to the latest trends. For example, if you are a Marketing agency, you must have started providing the Digital Marketing Services. If not, then you need to move fast before you run out of business
2. Starting something new which is in trend, but you just don’t know
This is the mistake most of the business owners make with a gullible and greedy nature. This results in massive loss in 91.39% of cases. When business owners read about the hike of some technology or trend which is providing massive success, to encash this trend they jump into this business. In a majority of the time they feel they will hire the experts and run this business to success. Well, the experts will do as per their expertise, but to gauge whether they are really the experts or not, you must have the fundamental knowledge of the business you are jumping in.
Please understand the fact: an owner or director may not need to be an expert in each service she provides, but she has to know the fundamentals so her own staff doesn’t fool her with fake dreams or commitments.
3. Neglecting or leaving the core strength behind in race of adopting new alluring business trend
This is the silliest mistake done by most of the companies. Each company is good in serving in a particular domain which is most generally defined by the skill set or the vision of the company’s owner or leader. To ensure massive growth, each company has to open new revenue generating channels by adopting new technologies or jumping into a new business. However, the most common and killing mistake made by the owner is they start neglecting business of their core strength. Sometimes because they don’t see the shining future in that industry. Here, the best solution is to keep on serving with the same or more intensity in the area you are expert in and start building expertise in the new business branch you are interested in. This will ensure to keep the streamlined revenue from the current business and making yourself a brand. At the same time, you can support required investment in the new business and build expertise in that as well. Remember, steady and improving growth is a necessity.
To give you clear reference, we would give our own example. We are experts in offering Digital Marketing Services and we cater our global customers with services such as SEO, SMO, PPC, Content Writing, Brand Building, Digital Transformation, etc. We have started offering customer support and professional business operation and management services. These services are giving us more ROI compared to the Digital Marketing Services. However, it doesn’t mean we stop our core strength and start focusing only in money making business.
A good businessman always understands to increase channels of revenue generation without shutting down potential channels.
These were top 3 most commonly made mistakes along with the real time references to overcome those for your business. If you need answer of any question or need any assistance, please contact us. We would be glad to answer the silliest to most intelligent question so don’t hesitate contacting us.
Ash Vyas has 10+ years of practical experience in digital marketing and international business development. She has written 100s of articles on various topics to live her passion of helping people with her knowledge and expertise. In addition to directing Digital Marketers India, Ash also delivers keynote sessions and holds key positions in some international companies as a consultant, director of operations and mentor.