This article might seem a bit strange coming on the heels of 2020, but that’s precisely why we’ve decided to run it. If there has been too much of anything lately it has been endless struggle. However, as we approach the tail end (hopefully) of this pandemic we, as small business owners, have opportunity on the horizon.
Many industries have seen their competition shrink because of things like government shutdowns etc. For those who are still fighting their way through this mess this means that there is market share ripe for the taking. Your competitor’s customers will need somewhere to go, let’s make sure that YOU’RE who they choose.
Which leads us to the article below. You must be mindful to capitalize on market share without sacrifice.
Out of the Box Advisors
As a small business, is there such a thing as "too much" success? After all, your goal is to grow, so it seems counter-intuitive that you could have so much success that your business suffers. Believe it or not, it’s actually a quite common conundrum for small businesses.
If you are not able to adapt quickly in response to growth, your business could end up taking a significant step backward. As you bring on new customers you may end up not meeting the expectations you set for them. Existing customers may lose faith in your ability to deliver despite years of reliability.
Your small business’ success requires you to keep on pace with increased demand. Let's look at how success can be hurting your small business and how you can meet these challenges.
Unable to Effectively Take on New Clients
If you are growing rapidly, you may reach a point where you cannot take on new clients because you simply don't have the staff to manage the work. This all comes down to capacity to deliver. As you sell your product or service at an ever-increasing rate the threat of diminished quality runs in parallel.