June 25, 2012

5 Traps to Avoid When Your Business is Growing

Managing a growing business is difficult. Especially when your business grows faster than you are ready for. Here are some tips that Inc. Magazine's Josh Linkner had to figure out the hard way:

  1. The Overcorrect - By overcorrecting a mistake, you run the risk of only creating new, different problems.
  2. The Money Trap - Don't just throw cash at every roadblock now that your business is creating revenue. Solve the underlying issue at hand before it gets larger and more complex down the road.
  3. Putting Religion Ahead of Science - A company fueled only by passion derails without the evolution of systems, training materials and processes.
  4. Complicating the Process - Eradicate complexity wherever possible. One small step in the wrong direction multiplies to completely leading you off-course.
  5. Gorging Opportunities - Don't become distracted by the shiny objects and flavor-of-the-week. It rarely builds sustainable companies.