Many people want to watch their businesses grow, only to end up disappointed when they see little traction. Technology futurist Daniel Burrus recently shared by BBN Times seven different reasons why people have business growth failure.
1. Failure to Anticipate
It is important to remember not to react to industry changes as they come, but to anticipate future developments. That way, as a business owner you are not acting like a crisis manager, but rather a proactive manager.
2. Failure to Communicate
Sometimes business leaders mistake informing for communicating. Especially when dealing with younger generations, it is important to explain to them why they are doing things a certain way.
3. Failure to Collaborate
Cooperation is great, but collaboration is better. Many people just simply tolerate co-workers and competitors instead of finding creative ways to build a bond and help each other in order to grow everyone's profit margins.
4. Failure to Innovate
Too many companies only innovate at the onset of operations instead of continuing to come up with new ideas at every stage of their growth. They focus on things like how to become more efficient, but it is important to continue using technology to provide new products and services.
5. Failure to Pre-Solve Problems
Problems are typically predictable, but many people wait to answer them when they arrive at their front doors. Developing solutions in advance saves time.
6. Failure to De-Commoditize
Whatever companies come up with, often become their main product. Instead, it is a better idea to take that innovation and build a service around it so that your initial offering is de-commoditized.
7. Failure to Differentiate
One of the main problems that create a lack of business growth is your company starts to look too much like your competitors. It is important to focus your strategy on ways you can stand out.
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