In a previous article about entrepreneurship, we’ve reviewed the costly mistakes that business owners can make when they’re in the process of enhancing their business. In this instance, business growth was defined as the process of moving your business away from its primary settings.
For new entrepreneurs, the primary setting of a business launch tends to be a home office. As a result, enhancing your business presence is all about establishing your location, your team, your office culture, while focusing on your growth strategy and the real-time opportunities on the market. For new business owners, mistakes are often the result of lack of experience, which can lead to taking the wrong decision, such as choosing a location that isn’t economically viable for your premises, for instance.
However, in this follow-up article, we will consider the dramatic errors that can occur when your business is ready to pursue its growth and approach a wider market.
Merging without considering double customers
Business acquisition is one of the most popular growth strategies that companies deploy when they’re ready to approach a broad audience group. A merger can run in a variety of models, from the creation of a new company in which the merged businesses maintain their unique brands and teams to phasing out one brand for the profit of the other. Regardless of the model you choose, it is vital to bring the separate customer data under one roof, using a database comparison tool. The process of comparison serves a triple purpose. First of all, it eliminates the risk of duplicate entries. Secondly, it ensures that entries can be corrected rapidly and efficiently. Finally, it creates a homogeneous database. Failure to verify and clean merged data can affect your growth potential dramatically.
Offering remote work without understanding culture differences
You don’t need to open a sister company in Asia to get the best programmers in Japan. You can consider outsourcing to find some of the best talents around the world. International outsourcing makes sense when the company is ready to tackle global markets. However, it can be a difficult move when it comes to managing cultural differences. Indeed, your remote team might have different expectations and understandings. It is virtually impossible to create a sense of unity without educating yourself in the first place about the values of each new region.
Reinventing yourself is a challenge
The market is continually changing and evolving, as it responds to the introduction of innovative technology, new customers’ demands, and overall environmental and political influences. The growth process needs not only to reflect upon those transformations but also to embrace them in your brand story. Indeed, it is easier for a brand to reinvent itself than to try to transform the market. Ultimately, the cycle of disruption and renewal is the backbone of a brand’s existence. You can’t grow in a moving market if you refuse to question your values. Additionally, building a customer-centric approach can support – and justify – branding restructure and renewal.
Growth is a journey that needs to take your business from A to B. However, the path is filled with obstacles that only a strategic understanding of the market and its challenges can help you to avoid.