Common Mistakes SMEs Make When Looking At Growth Opportunities
Dion de Graaff, Chief Operating Officer at The Twinsaver Group, highlights a number of mistakes that SMEs make and how they can overcome certain barriers to achieve sustainable growth:
- Redesign your strategy – SMEs often fail to clearly outline their strategy and very often the strategy is not adaptable to a dynamic market
- Ascending the staircase to the top floor – part of the growth journey involves ensuring you are able to manage your risk appetite, this should include a better understanding of what aspects of the business can be used more effectively
- Changing mindsets and upskilling teams – SMEs often fail in changing from a planning mindset to execution mindset, this coupled with an inability to recognise the importance of developing the key talent in the organisation, is the gap that most SMEs miss
- Remember all that glitters is not gold – entrepreneurs are encouraged to assess every opportunity on it’s merit, often what may look good on the surface is not always what is best for your business.
Source: Entrepreneur Magazine
