Growing a business is no easy feat and is definitely not always the ticket to instantly becoming Richie Rich like most people believe it is. It’s great to see so many ambitious people starting their own businesses and doing so well. However, it’s also alarming to see the number of myths they have about business growth, which is causing them harm in the long run.. A good business growth strategy requires these myths to be debunked right away and that’s why you need to keep on reading.
1. Growth can be bought
A common belief that leads people to lose money unnecessarily and leaves them disappointed in the end. You can buy all of the equipment and tools you think you need and hire all of the talented people you find; however, you won’t see organic growth till you don’t devise and implement the right strategies. You could even spend thousands of rupees on marketing your business wherever possible, and sure, that’ll help you short term but how effective is that going to be long term? Can you continue spending that amount till you haven’t even brought in a considerable amount of profit yet? The answer is: no. Even if all of this helps you achieve instant results, it’s not an effective approach to sustaining growth.
2. Money means your business is growing
As much as we wish this was true because it makes measuring growth easier, it’s not. Just because your business is bringing in a good amount of revenue, does not mean that it is growing. All it means is that you’re doing well in terms of sales; you cannot equate having money to a growing business. Also, just because you’re selling well at one point in time does not necessarily mean you will at another point in time as well. Therefore, money is not an appropriate measure of growth.
3. Leaders know everything
Of course you’re an expert in your field and have a significant amount of experience that has helped you start a business and reach where you currently. However, you’re not perfect and this is a hard to swallow pill for some people. You can make mistakes as well and that is why it’s important to consult other professionals to ensure your business grows well.
4. Don’t change your ways
Another common misconception is that sticking to the same old strategy that once ensured growth for your business is going to work forever. We all love to live in our comfortable bubbles, but to really grow, we need to pop them because growth is not always that easy. What worked for your business five years ago may not work for it now because the demands of markets and customers are ever evolving.
5. More employees mean large growth
Sure, one needs a significant amount of employees to run a company efficiently. Similarly, don’t think that having more people working under you means you’re growing. Quantity over quality matters more, therefore one must try to grow smart instead of large.
What did you think of these myths about business growth? Let us know in the comments below!