Mistakes Are A Part Of Business
You’ll make mistakes in business. If you learn from them, they will be some of the most valuable lessons you’ll ever learn. See why below.
Growing Too Fast
If your business grows faster than what you have planned, mistakes will be made and you may not see them coming.
- Rapid growth will stress you if it isn’t planned.
- Rapid growth will stress your employees.
- Rapid growth will test your infrastructure.
- Rapid growth will test your bookkeeper.
- Rapid growth may stress your suppliers.
A massive influx of new business that you had not planned for can make you feel overwhelmed. You will need to put in more hours, you will need to reevaluate every aspect of your business and you may need to hire new employees sooner than you had planned.
Explosive growth could also lead to a lot of overtime and not all employees will welcome the idea of having to work so many hours to get the job done.
Additionally, you may find that you will need to hire more employees without having had the time to put the systems in place that will ensure that these new hires will get the training they need to properly perform their new job, to see which of your current employees is qualified to become a manager within a department or to make sure that every other aspect of your infrastructure can handle these new employees.
Your infrastructure will vary depending upon the type of business or service you are operating. A traditional brick-and-mortar store may need additional storage space, parking space and more to accommodate the unexpected influx of new business.
You might find that you need new checkout lanes and cashiers, you may need new stock people that are capable of keeping merchandise on the shelves and you may need to rapidly expand your support desk.
If you, your spouse or relative is doing the bookkeeping on a part-time basis, you might find that your new business puts you in a position of letting the bookkeeping fall behind (bad idea), having to hire a full-time bookkeeper that’ll work in-house or hiring an off-site accountant or CPA.
You may find that the lines of credit that you have with your current suppliers aren’t enough for you to get all of the raw materials or products that you need to deliver what your customers are wanting.
If you are unable to handle the rapid influx of business without making some serious blunders, I’m sure your competitors will be more than happy to scoop up the unhappy people that leave your store.
On the bright side, you can use every mistake as a learning tool so that you will be less likely to repeat it if it should never happen again with this business or when it happens when you start your next business.
One word of caution though. As your business grows so will the mistakes you make and they will be different than some that you’ve experienced in the past.
Join a mastermind of business owners that are in situations or businesses similar to yours and that may also include business owners that already experienced the challenges that you may face.
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