When you start your own business, it’s tempting to take short cuts and cut costs. Unfortunately, such actions can ultimately cripple your business and cause serious consequences. According to Dan Pink, career analyst and entrepreneur, taking short cuts compromises the integrity of your business. He explains the dangers of short-cutting while growing your business. Instead of relying on intuition and gut instinct to make important decisions, use your mind to think strategically.
While building your business, try to think long-term. Creating short-term goals and objectives is a crucial part of the process, but it’s also important to keep your long-term vision in mind. Even if your business doesn’t achieve your long-term vision immediately, it’s crucial to remain focused on it. In addition to identifying your long-term vision, you should constantly evaluate your business and its current performance.
Knowing your destination is crucial for growth. Start by knowing the numbers of your business. Know how you will make money and increase sales. Once you have these information, create a roadmap to achieve your growth goals. Make sure your team is engaged in the process, and fix any flaws you discover along the way. Keep in mind that this process is not a quick fix. It will require time and effort to achieve the desired results.
Once you have successfully opened your first location, you may fall into the “Field of Dreams” trap. You must hire reliable employees to expand and increase your business across multiple locations. However, you can’t do everything yourself. You need someone to delegate the work to. But you also need someone to be there for your customers in your absence. This is especially important if you’ve got multiple locations. Customers may not be interested in a business that has multiple locations, so you should hire employees with experience in handling large scale operations.