One of the most common reasons why startup businesses fail is the assumption that an idea is everything. If the product is great, surely the future of a company is assured, right? Well, the problem is that this kind of thinking ignores the complexity of the corporate world. In reality, there are a thousand and one things that can sink a business and it happens to companies with amazing ideas, every day of the week.
The businesses that rise above those difficult first few years are the ones who understand that a great idea is only the foundation. It must be built upon and, like a game of Jenga, if the pieces aren’t inserted correctly, the tower will tumble. At the heart of everything is awareness. Awareness of how your own actions impact the workforce, awareness of the needs of employees, and awareness of how to motivate and inspire them.
This guide to some of the challenges notorious for hindering business growth will give you some insight into where your company should go next.
No Recognition for Employees
Many modern businesses are now using promotional products as part of an employee recognition program to incentivise high-level performance. This can be very effective because it shows employees that they matter; that their input has made a difference. Recognition is a crucial component of all businesses because without the workforce, a company simply cannot operate. If you do not give your workforce a reason to push harder and strive further, they are likely to lose focus and look elsewhere for opportunities.
No Appreciation for Customers
Similarly, businesses have to show their customers that they care too. Increasingly, consumers are looking for more than just products. They want to feel like a part of the company experience. They want to interact with their favourite brands and share in their triumphs. One simple way to do this is to get closer to them. Send loyal customers small promotional gifts and rewards when they’re least expecting it. People love getting things for free and items like pens, mouse mats, mugs, and calendars are cheap to produce.
A Disregard for Data and Statistics
Even if you don’t like having to depend on market research, the reality is that this kind of data becomes invaluable when trying to expand a business. Many companies fail either because they don’t take advantage of market data or they disregard its findings because they don’t match their own perceptions of performance. To be successful, you must be willing to acknowledge both the good and the bad about your business. Otherwise, how can you fix the problems and move forward with a stronger, more robust strategy?
A Fear of Growth and Expansion
It might come as a surprise, but there are lots of very tiny businesses and startups (with only a handful of employees) that don’t necessarily want to grow. They know that taking on more requires investing in more and learning how to delegate. It involves a loss of control, in many ways. This can be very intimidating for new companies, but the truth is that all businesses must grow. Even if the workforce stays small, diversification and innovation are imperative if they are going to remain relevant to consumers.
Why Recognition is at the Heart of Business Success
This can be a tough lesson to learn, but it is an important one. At the heart of every successful business is an awareness of the fact that we all have needs; and, for the most part, they’re pretty similar. Customers and employees just want to know that their hard work and interest is making a difference, so giving back can be a highly effective strategy for growth.