Avoid these #FailFriday Mistakes and Set Your Course for Growth

Edmiston Group, Autumn Edmiston, Marketing Consultant

Most all business owners you talk with want to grow their business. Given the ever-changing nature of our economy along with volatility in our capital markets, the challenge facing many business owners today is: how and when to grow? This question often leads to other questions which help define the path business owners should choose for their companies. 

In order to grow, sometimes we have to learn from our missteps and say, “I wish I’d known that” before I created the sale offer. Or…”I should have priced that package differently”. We can learn from our past and invite you to check out the top #FailFriday mistakes from lessons learned by marketing professionals and Constant Contact.

After we change some habits and create shorter emails, target the audience better, provide content that is useful and not self-promoting, you could experience a surge in business. But are you ready for that growth? You should ask yourself these questions as we all know that growth can be painful.

Is this the right time to grow and do I have the capital available to grow my business? For example, you may have landed that large order for a specialty food store, but have you planned ahead by securing a line of credit with a local lending institution to fund supplies and staffing necessary to fulfill that order?

Are there additional vertical strategies should be used to facilitate growth? How do we know whether these strategies are appropriate for our business? Will our current business structure support this selected growth strategy or do we need to make changes? Does our growth strategy present new risks or make us vulnerable?

To find these answers, you need to take some dedicated time with your team to develop a growth plan that looks at the current situational and SWOT—Strengths, Weaknesses, Opportunities and Threats—to determine key areas of focus.

Engage your management team as you see fit and develop a board of advisors to guide you in your growth journey. Consider them as your inner circle serving as extra sets of eyes and ears to make sure you don’t miss any key elements or opportunities as you develop your growth strategy.

The financial impact to keep in mind are the costs of goods sold and corresponding revenue. At what point do you need to jump to the next plateau before hiring additional personnel for fulfillment? Can outside support services be used to help you reach that next level in the growth strategy or will personnel from particular departments need to be hired in anticipation of growth.

Does this growth align with the company’s philosophy or mission or will it take the business down a different path?

As you enter new markets, do you know exactly who your competitors are, and where they pose the largest threat? Which part of your business is most vulnerable to competition and which is least vulnerable? Are some parts of your market becoming crowded with competitors? Transversely, are you proactively seeking to take business away from your competition?

Business growth is exciting and challenging in the best of circumstances. The thrill of the hunt for new markets can sometimes lead us blindly down a path to disaster when all things aren’t considered. As you prepare for 2015 and the direction your business will take, don’t make decisions regarding the growth of your business without fully analyzing the impact of those decisions.

About the author: Autumn Edmiston is the CEO and owner of the Edmiston Group. The Edmiston Group is a multifaceted Pittsburgh based marketing consulting firm providing senior level marketing management services to businesses and non-profit organizations on a short or long term basis. Core areas of service are business development, marketing, strategic planning and public relations. The Edmiston Group has consistently delivered and implemented real-world, proven business marketing ideas and strategies for business growth.

Comments are closed.