So, you have finally started your dream project. The one that kept you awake for several nights, to which you have given your heart and soul to. And now you are certain that it is THE NEXT BIG THING, Right?
Well, there are chances you might be wrong. Dreaming big and turning ideas into reality is undeniably the most fundamental and essential ingredients of success. But let’s take a minute to ponder upon a simple question. Does a mere implementation of a great idea guarantee a successful business? The stories of many businesses getting lost in the oblivion, unable to rise above the status of “Small Business” gives us the crystal clear answer i.e. NO. They all started with a big vision, probably did commendable in the beginning too, but in critical times, they hit the wall.
So, here is a list of a few reasons which restrict small businesses from growing big. Have a look and save your business from falling in the trap of mediocrity.
- Management Mistakes
A business researcher once stated “it is not the dearth of capital or talent that kills small businesses, but a shortage of good judgment and understanding at the top.”
The growth of any organization starts with internal mental preparedness of its leaders. If the thirst for growth does not govern the life of its leaders, then the business is bound to stumble. Therefore, the leaders must be self- motivated and guide their team to have an active growth orientation rather than indulging in passive business work to complete 9 hours of work w/o focusing on productivity. If the leader does not infuse this culture in his business, no one will and that’s what makes a big difference.
- Branding & Marketing Mistakes
Small businesses often commit the fallacy of ignoring brand establishment & marketing. They run on the assumption that their work is done with the right kind of product/services creation and now the customers will not only come on their own but also will be loyal to them. This myth holds the power to break a business, quite literally. Whether it’s a business giant or a small company, these two work wonders in the long term growth of any business. Hence, do not hesitate allocating resources and planning an effective strategy to establish and promote yourself in the market.
- Recruitment Mistakes
We all have heard many small businesses taking pride in calling themselves a one-man army. But what they often forget is the power of human resources and delegation. In the words of William Blake, no bird soars with his own wings. Similarly, small businesses should not hesitate recruiting right people at the right time. After all, the difference between success and failure is a great team.
- HR Mistakes
The tendency to ignore a well Structured HR Department, Management and Policy has always been there with small businesses which is sometimes the reason which obstructs their transition from a small business to a large enterprise. To grow big, small businesses must make Human Resource Management a priority and build an efficient HR team for better employee management and employee retainment.
- Technology Mistakes
In the age where technology is not a luxury but a necessity, small businesses running on old technology or worse, not taking advantage of technology at all fail miserably to move ahead of their competitors. Right from using software for managing business to creating a killer website for your company and using digital marketing to reach out to your customers, there are some sure ways technology can help you change your “small” status quo and land you in an ocean of success. Hence, do not ignore technology, it’s a game changer. I repeat, do not ignore technology.
- Customer Support Mistakes
It’s high time that small businesses burst the bubble of myths. One of such myths include that a formal department for providing customer services is only required in large enterprises, and hence they happily ignore this highly important need of every enterprise. In reality, small businesses must consider customer support as an investment and focus on serving their customers even post sales because, customer support can be of huge help to drive repeat business.
- Location Mistakes
Many small businesses are often oblivious to the significance of a good location in running a business and hence lose out on many vital things. A good location ensures a good customer experience, helps in the marketing of the brand which is essential for small businesses and keep attracting potential customers. Therefore, location must not be ignored if one strives for a long run success.
Therefore small business is the beginning of a long journey and not a destination. To quote Mr. Vineet Bajpai, author of the book, The Street to the Highway, “Every business is like a growing plant. In the early years, it needs your protection, sunlight, water, manure and lots of love. If you are successful in providing all the above, it is sure to develop into a gigantic tree.”
SMB Connect is India’s largest integrated solution platform which links small and medium sized enterprises and entrepreneurs across the nation. Our mission is to build supportive communities by using effective solutions to connect with customers, providing advisory solutions, leveraging training programs and sharing the experiences of other businesses, so that SMBs can overcome all odds and succeed. Because we believe, Small Can Be Big!
We work on three fundamental principles- Connect, Knowledge and Growth to empower SMEs and to act as catalyst in their development process.
Small and medium enterprises in India & Small business Services are in full swing. SMBConnect provides India’s largest integrated solution platform which links SME company, Business advisory services and entrepreneurs.
Grow your small and micro enterprises & small business services in India with the help of business services and startup events. Learn to focus on creative small business ideas and Solution by analyzing roadmap of successful entrepreneurs in India and also enhance entrepreneurship development skills with large amount of educate small and medium enterprises & small business in india.