5 Expensive Mistakes SMB’s Make When Growing

If you work with a small to medium-size business (SMB), pay attention to this information. Here are five expensive mistakes you don’t want to make. As you grow, make sure you mitigate the chances of these issues killing your business.

No matter your budget, there are suggestions here that could help you. Plus, this advice is applicable, regardless of your industry. Make sure you rule out these mistakes ever impacting your company.

1 – Fail to Address Weaknesses

When working towards expanding in personnel, into new markets or simply in volume, it is critical that businesses run extensive audits. Speak to those on your staff from each department to find weaknesses from those who are working on the ground. Facilitate an open assessment of your weaknesses. Even if they are leads, you must also examine actions and procedures that pertain to your managers and supervisors. Just because you are hitting benchmarks doesn’t mean you don’t have underlying red flags. You always could be hit with something down the road. Identify and prevent immediate pitfalls, but look ahead to your company’s future, too.

Take time now to make sure you’ve identified your weakness. This is important, even with areas of improvement that relate to you. In fact, you have more reason to make sure not at fault. Set a good example.

2 – IT Debt

Whether you have a strong, IT department or are starting to get a foothold, expansions can cause a significant increase in workload leading to the dreaded IT debt. According to Manhattan Tech Support, which offers IT consulting in NYC, new technologies emerge at a rate that leaves most businesses behind, leading to huge losses in potential efficiency, productivity, and security.

A strong IT strategy that includes the appropriate infrastructure, as well as staffing, is key to successful growth and expansion. The public also should not be running into issues when accessing your website. Make sure your overall network connectivity is dependable. 

Also, be certain that your employees know how to utilize every piece of software that is pertinent to their tasks, maintaining standard practices and security measures. 

3 – Cost Optimzation Strategies

Energy-Efficient products should be used by our business as much as possible. For those of you with budgetary concerns, do not worry. Without having to spend too much money, you can source efficient items for your team to utilize. Cooling and heating thermometers, lighting solutions, and office equipment can be purchased on your end.

See immediate benefits. Notice long term gains, too. You will have lower utility bills and more money in your back pocket. Also, many of your energy-efficient upgrades can be written off on your company’s taxes.

4 – Under-trained Staff

Sometimes growing businesses forget to think about how important coaching is for ongoing success. If you do not have regular coaching moments scheduled in for your staff, you could be jeopardizing your future. Work on this now by ensuring the team’s calendars have coaching sessions on the books.

One-on-one instruction is important, but make sure you also schedule group/team breakouts. Always remind your staff about customer service procedures. Be certain they know about product and service developments. Foster open conversations where clarifications are encouraged. Create a culture of coaching where both formal and informal opportunities are seized.

5 – Outdated Advertising and Marketing

There are some free opportunities you can turn to when looking at your advertising and marketing strategy. Know these options. Word of mouth marketing is still your most effective way to get the word out about your company. Explore free community networking opportunities.

Be certain you establish rapport with media contacts, too. Position your business for coverage in media outlets like blogs, magazines, newspapers, TV, and radio. Also, don’t forget that social media has several free features you can use. But make sure all of your social media posts have a call to action. Plus, don’t forget to guarantee they’re integrated with your website.

Learn from other’s Mistakes

Be sure you take this information and utilize it. Don’t make avoidable mistakes. Why wouldn’t you be certain these issues aren’t plaguing your business? Plus, don’t you agree that your stakes are too high?

Rule out these issues from hurting your business. Even if you don’t feel like you have problems within these aforementioned areas, at least give it a look. The peace of mind will be good for you. Success for your company is more certain.