5 Growth Traps for Small Business
I was recently invited to write an article for Innovify.com about growth traps. When I look at growing businesses there are typically 5 stages of growth, and 5 risks of …
#1 The Stage of Business Growth Trap
Knowing where you are on the 5 typical growth stages allows you to put the right intervention in place
#2 The Innovation and Product Growth Trap
This is about building stronger maturity and decision making in the product function – moving it away from just ‘engineering’ or just ‘marketing’ but customer and business driven services.
#3 The Leading Behaviours Growth Trap
We believe in a balanced team and a growth mindset. Growth creates challenges of delegation, communication, retaining culture and learning new leadership habits. Without that change, it’s easy to desire growth but only stay still.
#4 The Decision Making Growth Trap
A major growth trap is in planning and decision making – either hasty decisions, or poor decisions. It’s instilling new behaviours to make meetings matter, and create a clear cascade of decisions up the business.
#5 The 'It's Only Sales' Growth Trap
When businesses hit a growth trap, they think that if they just get some more sales people, then the problem will be solved. But stagnating sales is a symptom – but before pouring money into fix that alone, it’s worth checking other areas around the customer journey and proposition.
#6 The Attitude and Alignment Growth Trap
As you grow, the business needs to think at the next level – in its investments, brand, style and product set. That means retaining the essence of the culture but having the attitude to operate at the next level.
