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Be mindful of your too-fast-growing business: It can too quickly fall!

  • Posted August 16, 2018

The modern day entrepreneurs crave for quick success. They want success to happen overnight, within a week, within a month or at-least within a year. Although logically such overnight success doesn’t exist at all, we are still tuned to a quick success mode.

Entrepreneurs are in hunt for quick to rich formulas, cash generating machines, and masterpiece of strategies that can create a miraculous move in their businesses. As opposite to the quick success seekers, those traditional business minded individuals who adapt to slow business processes are in risk of not sticking to the industrial norms so no longer they will be out! Too slow business process is bad, isn’t it? But too quick is business growth on the other hand is also less healthy to your business. It can merely kill your business!

The challenges that are possible with too quick businesses are unique. Let’s look at them each;

Impact of cash-flow: quick success business formulas often require a decent investment of monthly operational expenditure. Credit sales these days have become unavoidable and those technical wordings such as ‘cash-back guarantees’ when it comes to modern day business transactions often put entrepreneurs at the risk of losing liquid cash.

We often hear this word ‘scam’ everywhere in the internet and in the real word. There are many fakes or similar to original but duplicate products in the market. People are junked with offers that turn to be potentially scam. But that is the headache of customers isn’t it? Yes, it is still possible that businesses can get scammed by customers! Those ‘seemed to be good’ customers can become your bad debtors who caused a bad sale!

It is also possible that your operational expenses suddenly start sky-scrapping and you have no clue on what to do next. Most of these quick success business gurus ask you to buy systems that they promise to be working so good. Entrepreneurs who are keen to earn quick success are forced to buy products or systems that they expect to be crucial to speed-up their business processes. Doing things slowly didn’t mean bad in earlier days!

Customer service failures that lead to less to no loyalty

Although customer loyalty in the modern world is a hard to earn aspect, it is still important to satisfy your customers’ at-least to be on their preference list. Fast growing business models depend highly on current demand. The products and services that are created through fast growing brands are based on current or potential demand. This high demand actually denotes a buzz in the business that you get sudden orders that can possibly lead to a situation where you are not prepared to meet the unexpected demand boom, which can cause customer service failures.

Lack of branding and failure to look into the big picture

As I mentioned earlier, most of the fast growing businesses thrive on current demand. It is kind of running behind the horse situation. You don’t know where you want to go and your products are not consistent. This may cause difficulties in building your brand and to have a clear vision.

It is not to say that only fast growing businesses face these challenges but ‘too fast growing’ can turn to be a red signal that the business can too quickly fall. However, there is nothing to be discouraged about it. There is a word call ‘mindfulness’! Being mindful of whatever you do can serve your business from potential risks.

About the author: Mathangie is an avid blogger and the founder of NORO Solutions, a Research Based Business Solutions brand. She holds MBA from Cardiff Metropolitan University and BA (Hons) degree from Staffordshire University. 

To contact/consult Mathangie, email her directly to mathangie@norosolutions.com. 

 

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