While ignorance is said to be bliss, this is not the case for companies or businesses seeking to grow. Leaders are better enabled to tackle challenges that arise if they have an awareness of some of the common problems encountered by similar companies. Once they anticipate some of the challenges, they are better placed to come up with prompt solutions to remedy the situation. A company’s future success is highly dependent on its ability to handle the obstacles that it encounters along the way.
- Falling Short of Client’s Expectations
Sometimes a company’s reputation can get ahead of it especially if it is in a phase of unprecedented rapid growth. The best way to go about this is to manage the client’s expectations from the onset. The company should be clear about what their particular services will achieve and what they will not achieve. It is never a good idea to over promise and under deliver; rather under promise so that it looks like you have over delivered.
- Inadequate Business Management Skills
Owners of service companies may be good at their fields, but they may not necessarily have the skills required to run a business or company. Each company has very different aspects that make it whole and therefore business development, and management skills are imperative for a successful company.
Company owners should consider getting consultants with expertise in different fields of specialization. They may also opt to increase the team’s’ knowledge and that of the leaders as well in business development which will subsequently increase productivity for the company and amongst the staff.
- Employee Dependence
A common mistake that small to medium sized firms make is to rely heavily on some employees for revenue production. Over-reliance on managers to find business for the company is not healthy for the company in the long term. The duty should be equally delegated to ensure that the company staff is all rounded and also to increase prospects and business for the company.
A common occurrence that is detrimental to companies is professionals who at one point leave the company and take their clients with them. If these professionals formed the backbone to the company, then that is enough to bring it to its knees.
- Industry Specialization
Many companies tend to focus on one niche in the industry. However, a disadvantage to this can occur when the industry is in a downturn which greatly hurts a company. To avoid this vulnerability, it is a good idea to consider providing a wide range of services as you grow. This not only attracts a large pool of customers but it also acts as a soft landing for the company when challenges are facing one service industry.
Obstacles are guaranteed for every company ranging from management needs, maintaining quality services, strategies to tackle the problems at hand, etc. Once you face these hurdles, you are looking at growth and stepping into a new phase for your company. They are an opportunity for an all round improvement from skills, knowledge, and the quality of the services provided by your company.