What are the issues faced when transforming your company from a small business into a large enterprise?
In my experience, SMEs are hindering their growth in three major ways: emotions-based decision making, lack of attention to key business drivers and a business as-a-hobby mentality.
- As small business owners we fail to focus on the key overarching factors driving our business because we are trapped down in the operational detail.
- Decisions are often made for emotional and family related reasons and not based on solid facts.
- Many of us treat our business as a hobby, pursuing parts of the business we find enjoyable, rather than taking decisions based on business profitability.
Having worked with SMEs over the last 20 years, I see these problem areas regularly and consistently, and as I explained to Business Insider journalist Sarah Kimmorley, they can be easily fixed with focus and goal setting.
How do you make sure your small-to-mid sized business doesn’t make the same mistake?
Read the full article in Business Insider, Don’t Make These 3 Mistakes If You Want Your Business To Succeed.