Starting the business and creating sustainable profits is often the biggest challenge business owners face. Once this is accomplished, many assume growth will happen naturally. However, a new challenge often arises after businesses are established and have a good foundation. This new challenge is to grow and make the next step, which could be in the form of increased profits, adding a new location, expanding services or hiring more team members to accommodate an increased amount of work. Crossing this obstacle often requires establishing an organized workplace structure through business management software.
Common business mistakes that prevent company growth
Every company is unique and has unique obstacles they must overcome on the path to business growth. However, there are some more common mistakes that prevent business owners from seeing the growth they would like. These common business mistakes may include an ineffective marketing approach, poor workplace culture, inability to properly train employees or issues with the overall customer experience. The following details eight common mistakes businesses make when trying to make the next big leap towards maximizing their company’s potential.
Ineffective marketing approach
Marketing is essential to any great business plan. Whether you rely on word of mouth advertising, paid advertisements, promotional events, etc., ensuring your marketing approach is optimized is essential. This requires detailed reporting and analytics of your marketing data so that you can evaluate where improvements need to be made. Otherwise, you may run the risk of not maximizing the profit you could earn from your marketing efforts. This can be resolved by hiring a marketing professional and/or utilizing software to help you keep track of business operations and sales data.
Poor workplace structure
Workplace structure can be defined as the way different members or departments of a company interact with one another during each workday. A breakdown in communication among team members or departments can lead to inefficient work processes, the need to consistently fix mistakes and repeated work that costs the company extra time and money. Subsequently, ensuring the workplace is organized and runs efficiently without constant micromanagement each day is essential for company growth. You can improve workplace structure and overall culture by utilizing a business management platform that helps train employees and establish healthy and effective business operations.
Inability to properly train employees
One of the biggest signs of a poor workplace culture is low employee retention. If your company is consistently losing employees and having to start the hiring process over, then it is a sign that your team feels overworked, micromanaged, insufficient with their job performance or simply not appreciated. You can address this concern by empowering them, providing them with the resources they need to learn the work processes quickly and allowing them to operate confidently each day.
The customer experience is not the main priority
The customer should always come first in any business. This is particularly true in service industries. By ensuring that your business makes customers comfortable during their visit is of the utmost importance. If you are receiving reviews that are less than ideal, particularly those that criticize the friendliness of your staff or the overall customer experience, then you may need to take action to ensure customers have a more pleasant experience.
A lack of adequate tools and resources for growth
There are numerous tools and resources that your business can utilize to improve workplace efficiency, such as business management software that enables you to recruit, hire, onboard and train new employees. By enabling you and your team with the resources necessary, your business is likely to perform at the best level possible.
Not establishing your competitive advantage
Every business must determine their identity. This should include a competitive advantage, something that they can offer that is better than their competition. While, of course, you can be profitable without a notable competitive advantage, this is something the top one percent of companies have. It could be in the form of shorter wait times, better prices or the use of newer equipment and technology. This is particularly necessary in areas where there are multiple companies and a lot of reputable competition.
Spending too much on soft costs
Soft costs refer to expenses that assist your ability to do your job, whereas the hard costs are the services you are paid for. Soft costs include administrative tasks, insurance fees and numerous other indirect costs that aid your ability to succeed each workday. It is important to limit your expenses on soft costs by improving your work processes and cutting unnecessary spending.
Trying to do everything on your own (micromanaging)
Micromanaging your employees restricts growth by preventing the workplace from operating efficiently. Instead of constantly monitoring and correcting employees, allow them to feel more empowered and trust that they can operate independently. If there are issues with their performance, then the answer can be found in improved hiring and training.
How to prevent or fix the most common mistakes
Many of the more common mistakes that businesses make that prevent growth can be easily fixed. Most notably, businesses that are not achieving the growth they desire should look to make the following improvements:
- Improve practice efficiency
- Fix issues with company culture
- Value customer satisfaction
- Make smart hiring decisions
- Optimize employee onboarding
There is nothing that the top practices achieve that most endodontists cannot also achieve. It comes down to having a plan for growth and implementing an organizational structure that allows you to meet your goals. One way to achieve this is through the implementation of a business management platform.
Trust in Flow Patterns to help your business grow
If you are not seeing the growth you desire out of your business, then trust in FlowPatterns to help you make the next step. We offer an innovative business management platform that includes all that your company needs to improve workflow and your company’s workplace environment.