Common Mistakes to Avoid When Trying to Grow Your Business
Trying to Scale Too Quickly Can Cause You to Make These Mistakes
Every business owner —in the insurance industry or any other— wants their business to show growth in revenue. Although, there are certainly some actions you can take to ensure you get your business on the right track, scaling is something that will happen organically, not something you should push for. Forcing the scaling process can cause you more trouble than benefits.
Here are some of the most common mistakes business owners make when attempting to speed up the scaling process:
Losing Sight of Customer Service
Any starting business needs time to build brand loyalty and one of the most important things for that is to provide good quality customer service. When you focus only on making more money, you look for ways you can quickly get “results” and don’t invest in important things like hiring great people and training them properly to provide the type of service your clients deserve. Basically, you end up forgetting that loyal customers are the ones who bring in the money.
Chasing Too Many Goals
Having clear goals that support your business plan is great but having too many goals can be lethal for your business. You will probably get many ideas that sound great but anything you decide to pursue should be carefully analyzed. If you’re going to spend time, effort and money on something, it better be something that provides the results you are looking for.
Throwing Job Descriptions Out the Window
When you’re trying to get a thousand things done in hopes of scaling your business quickly, hiring staff using very general, undetailed job descriptions might seem like a good idea. The thought of hiring fewer people to do more things might be tempting but it’s not wise from an operational standpoint. Overloading employees with too many responsibilities can debilitate the type of service you provide to your clients and make it hard for you to build strong and engaged teams.
Going After the Wrong Opportunities
Everything sounds like a good idea when you’re in a rush to the top. Define goals and priorities and focus on them. Avoid chasing new initiatives or opportunities that don’t align with your plan, as even the smallest distraction can throw off an important project.
Putting Your Team Last
Never neglect your team. Behind every great company, there’s a great team working hard to meet its goals. Your staff — from your newest to your oldest employee — should be a priority for you, no matter what you’re trying to achieve.
From the moment you become an independent insurance agency owner, revenue will be something to focus on. Don’t try to force growth. Define clear plans of action and patiently follow through. Slow and steady wins the race.