BRAND GROWING AND PAINS

Everyone wants to become an entrepreneur, only a brave brand endure the growing pains and get to reap its much-praised benefits.  In fact, that’s the challenge that comes with expanding a business.

But regardless of the size of your business, there are tips you can follow to ease the pains associated with pushing it to the next level;

1. Learn to say NO

One useful but often overlooked trait you should possess as an entrepreneur is the ability to say “no” when it’s obvious you should. 

Successful entrepreneurship calls for saying “no” to proposals, a thriving business is like a future gold mine. Once you begin to shine, everyone will come to you with different “ideas that can help you grow”. While you may find it difficult to turn most of the ideas down, falling for all that glitters may compromise your months or years of hard work.

2. Grow your brand based on ability and NOT opportunity

Set growth goals depending on your capacity to expand. Don’t be flattered by a sudden increase in sales or reports from an analyst like we’ve seen large corporations do. They often rush to delegate leadership duties to second-rate personnel and employees who don’t match their culture.

It’s wise to grow only when you feel you can. you can offer comprehensive training on your brand’s primary values and leadership attributes to newly elected managers and employees.

3. Cut down costs and establish a favorable environment

With growth comes extra expenses. So as soon as your startup starts growing, find ways to cut down costs and create a favorable working environment that keenly looks into operating expenses as well as profit margins.

4. Inform and explain changes to customers

While all changes you make may be for the good of your customers, failing to update clients is a shortcoming as some customers do not gladly accept changes if left in the dark.  For that reason, make sure you (and your staff) communicate and give reasons for making a change that might not be understood or viewed as a negative by customers.

5. Come up with a clear vision

Growth calls for a focused vision so you don’t stray. Your vision statement should be understood and adhered to by all employees. It should be the reference point from which you plan your new set of activities intended to trigger growth.

6. Understand when to delegate duties

As an entrepreneur, you feel safer when in control of your business. Not to be bossy, it’s just a natural feeling. But while control is essential for the initial stages, a time comes when you must delegate duties or put your business in jeopardy due to delays.

Handing over responsibilities may seem uncomfortable. Therefore, as an entrepreneur,  you need to pay enough attention to the delegation process to reap its huge benefits.

These tips are beyond proven. Start implementing them right away and it can only be a matter of time before you’re calling to thank us in person!