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Mistakes to Avoid When Growing Your Business

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For many entrepreneurs, creating a successful product or services package isn't the hard part, capitalizing on that success and growing the business sustainably is often the hardest part.  Growing your business takes a solid plan of attack. We've written about how to propel the growth of your business, but sometimes knowing what not to do is your greatest ally.

The following tips for business growth are based on the mistakes you want to avoid.

Tips For Business Growth: Avoid the Following at All Costs

  1. Predicting the future. You can't. That's all there is to it. All you can do is create prototypes, test them, get feedback and pay attention to what people's wants and needs are. Hedging against what you think will happen in the future is a recipe for business failure.
  2. Going bigger instead of faster. Things are moving pretty quick these days. If you spend too much time trying to make your product the biggest/best/most-whatever thing it can be, odds are you'll miss the boat because someone already got a lesser version out there and cashed in on it.
  3. Expecting your managers to be innovative. While there are innovative managers, the qualities that make a great manager are very different from the qualities that make a great innovator. Let your managers do what they do best but remember that growth requires innovation and risk. Perhaps an underling who is difficult to manage will have the best ideas for the deviations that will take your company to the next level.
  4. Listening to a small sector of your customer-base. While customer feedback is certainly important, your company will only shrink if it's tailoring its products and services to a particular section of the customer pie. Listening to some of your more peripheral clients' needs may be the way to push the outer limits and end up gaining a whole sector of the buyer market.
  5. Working from the inside out. Innovation happens on the peripheral. So, work from the outside-in. If something fails, connect the dots and you'll be more likely to succeed the next time you launch an idea.

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