Business Growth Can Plateau if You Believe These Myths
Running a business is a constant process of gathering information and making decisions. That can lead some business leaders to rely on assumptions that hurt business growth.
This article highlights three assumptions, or myths, to avoid.
Myth 1: It’s Safe to Stop Marketing
Once a company has expended enough resources on marketing to build up a healthy client base, some people pull back and cut down on marketing efforts. This is a mistake: Never assume that your clients will stick around forever. They may go out of business or stop using your services for other reasons. They may also be poached by competitors. Additionally, as your business grows, its costs will likely rise, meaning you will continually need more clients to help pay for it.
Myth 2: Invoices Work on the First Try
An unfortunate reality of business growth is that, even if you do a good job, receiving payment from clients can be difficult. That means you should not assume a client will pay an invoice the first time you send it, or that they will pay on time. Clearly set payment timelines with clients, make sure they understand those timelines, and follow up as necessary. Another option is accounts receivable factoring—that is, receiving cash immediately from an invoice factoring company in exchange for a small part of the profit.
Myth 3: You Can Do It All Yourself
An entrepreneurial spirit is a good thing, but too much of it can lead to business leaders trying to handle too much, especially to save costs. Do not be afraid to pass work off to qualified employees or even reach outside your business for outsourcing options. Other strategies for keeping your workload manageable during business growth include building in time for interruptions and blocking off time to give yourself an opportunity to plan, according to Forbes.com.
For more information on how to keep your business humming along, have a look at Commercial Capital Lending’s other blog posts.