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3 mistakes to avoid when growing your business

3 mistakes to avoid when growing your business

Entrepreneurship

GlobalLinker Staff

GlobalLinker Staff

9 Jul 2019, 07:00 — 4 min read

Nothing beats the excitement and fulfillment of seeing your business growing and thriving. From zero customer base, you’re now able to gain hundreds and even thousands of loyal and returning clients while targeting potential and new customers.

However, growing your business also entails a new level of problems and demands. And if you’re not prepared to face and solve these challenges, it can be a barrier for your business to grow to its next level.


We asked some of our GlobalLinker members on their insights about the things that every entrepreneur should avoid when growing their business.  The following are their thoughts based on their experience of running a business:

 

1. You lack determination and grit
When issues are piling up for your business, “it always helps if you have the determination (to keep going) when the going gets tough,” shares Roberto Sanglay, owner of Infomate Computer Systems. “Grit keep you grinding even if your business has dwindling working capital, human resource issues, upcoming deadlines, etc,” he adds.

 

Also read: 7 must read books for entrepreneurs suggested by entrepreneurs

 

2. You stop innovating
In today’s times, where disruption in different industries has become a norm, it’s essential for your business to keep up with the latest trends in your industry. “You need to keep up with the trends and integrate technology for the improvement of your business or else your will be left behind,” Rhea Haguisan, instructor of Ustp, reminds every entrepreneur.

If there are processes in your business that takes so much time, then you should start considering automating it, so you can focus on much more important matter of your business.  Rhea also shares the importance to keep developing and innovating your products or services. “There’s always room for improvement and you should find ways to be efficient.”


In addition, Roberto encourages entrepreneurs to “keep moving forward. Services and technology-based businesses need to be supported by training and continuous improvement to remain competitive.”

 

Also read: Strengthen your business with innovation


3. You should learn to separate your personal and business funds
When you start seeing your sales spiking up, you should learn how to “limit the funds taken out of your business to personal spending,” shares Roberto.


Roxanne Abad
, owner of Suraksha Roxanne Fashion Boutique, also highlights the importance of avoiding bad credit. “Always separate your personal and business loans because bad credit will limit your financial options.” Stacy Ingatan, a financial advisor, also reminds entrepreneurs to “incur debts when it will cause you to have a higher return vs its capital cost.”


It takes a huge amount of discipline to grow and scale up your business, but the rewards of growth – more money coming in to invest in new equipment, hire new employees, improve your marketing, etc. – are always worth the sacrifice.

 

Also read: Managing your business and finances: Some practical tips

 

Network with SMEs mentioned in this article by clicking on the 'Connect' button on their profile - Roxanne Abad,  Stacy Ingatan, Roberto Sanglay, Rhea Haguisan


Disclaimer: This article is based solely on the inputs shared by the featured members. GlobalLinker does not necessarily endorse the views, opinions & facts stated by the members.

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