At one point of our lives or the other, we have been found guilty of inadvertently fooling ourselves with one thought or the other and business owners are not even left out in this.Read more about Business growthOvertime, there have been various fallacies surrounding business growth ranging from underestimating the capacity to invest in new technologies to overestimating what can be accomplished, and most business owners have fallen victim to these erroneous beliefs. A fallacy is an incorrect thought, misconception or argument, which professes to be decisive, while in reality it is not. Fallacies undermine an argument’s logical validity or more generally an argument’s logical soundness by restraining you from making clear and accurate decisions.Some of the fallacies surrounding business growth include:
Business has to grow before Investing in Technology
Despite the evolvement of technology, some business owners are reluctant to invest in technology that will give them that customer edge, because they feel that their business hasn’t gotten to the point of technology.So they decide to wait until the company grows just a little bit more, however, the truth is that no business is too small for technological involvement, you don’t have to wait till your business gets to a certain stage before adopting technology to aid your business.This fallacy has led to the downfall of so many businesses because most of them never get to that level of growth before it crumbles.
Business Growth involves only Sales and Profit
This is a common fallacy among businesses, however, the truth remains that growth is far more multifaceted than just sales and profit. This means that business growth must be strategic beyond sales and profits and this is where the focus of every business lies.It is also important to understand that growth is not streamlined because it can come in various forms. In addition, growth should reflect the change and momentum you are seeking to achieve as crafted in your strategic business plan, because it is essential for the life of any business.Sign up to the Connect Nigeria daily newsletterBusiness growth involves other areas such as:
Increasing the geographical reach of your business
Introducing more products/services
Opening more stores
Creating more channels to market
Increasing traffic and sales through your digital channels
Increasing followers
Improving stock management
Streamlining your supply chain
Reducing overhead costs.
Increased creativity and innovation
Vertical integration
Improved lifestyles for the business’s owners
Global expansion
One way is the Right way
From infancy, people learn what works and what doesn’t through trial and error, and the moment they figure out an effective, successful way to do something, chances are you’re going to want to stick with it. The same applies to business owners, because the moment they succeed at doing something in a particular way, they end up just following the same pattern repeatedly.However, the truth remains that just because a particular pattern or strategy works doesn’t necessarily mean it’s the most efficient, cost effective or even the best way.It is important, as an entrepreneur, to keep an open mind and be willing to explore other strategies and patterns as the competitive landscape might change or a new technology might change the very nature of your business. As long as you’re willing to shift your way of thinking, you won’t end up in your competition’s dust.In conclusion, growth is a journey where you continually weave your way through in fulfillment of your purpose as a business. Take a hard and honest look at what you believe could be the key to taking your business to the next level as most business owners have clouded their minds with these fallacies making it almost impossible for them to thrive as a business.Featured image source: Connect NigeriaDid you find this article useful? Contact us: editor@connectnigeria.com
