While growing a business is exciting, it can also be very stressful if things move too fast, and it grows too quickly. You may make more mistakes, some which can cause serious problems with your customers’ satisfaction, which can rub off on future sales.
Too Easy to Lose Track of Your Finances
One of the most important parts of your business has to do with your accounting practices. If you aren’t on top of that information, if you have fast success, you may owe a lot of money quickly for taxes and possibly even need to upgrade your local business licenses, which are often based on an income range.
You May Make Cash Flow Mistakes
Again, it’s about money. Earning a lot of money is an exciting thing. However, with earning money comes a lot of responsibility for making good choices. If you suddenly hit it big with one of your products, especially if it was not a planned experience, you will need to be very careful about controlling your cash flow, so you’re not short of tax money for your quarterly taxes or other business expenses.
Not Paying Attention to Building Your Audience
Your audience is very important to your continued success. If you’re only focused on the sales portion, you may forget to deal with building a fan base for long term success.
Not Scaling Customer Service Fast Enough
When you do start having more customer service inquiries, it’s imperative that you deal with this by improving your customer service process in time to deal with additional customers. If you grow too fast, it might be hard to get this system in place and working the way you want it to, thus causing dissatisfaction and poor reviews.
Avoiding Good Business Planning and Organization for Sales
Your job as the owner of your small online business is to be the CEO of your business. That means that you need to do a lot of planning and organizing so that things go smoothly. You should be involved in studying systems, trying new marketing ideas, and keeping your business running lean and mean.
Making Human Resources Mistakes Due to Being Rushed
When you grow fast, you may end up hiring people who aren’t right for your business needs. If you grow slowly, you can be more careful as you build your team. That way, when you build a team that isn’t rushed and stressed, they’re going to work together better when you finally do break through and grow as big as you want.
Making Management Mistakes
If you’re in a hurry and you are growing too fast, you’re not going to have time to focus on the management issues that you need to – such as building a good strong team, choosing the right technology, and ensuring you’re targeting your audience the best way that you can.
Not Scaling Technology Fast Enough
Many small home business owners like to start with the least expensive technology, and it probably won’t work for them when they grow big enough. If you cannot afford to buy the technology you want to use when your business is producing more, you might have a hard time servicing your clients when it happens super-fast.
Smart and slow growth is better than overnight success. The main reason is that overnight success may not be repeatable. If it’s not repeatable after the first flush of success, you’ll have trouble doing it again, year after year. If you have smart growth that allows you to build your customer base and provide the best service to your customers, you’ll experience more long-term success.
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