Watch out for roadblocks! These are the FIVE things that I’ve found can hinder the growth and ability to scale for any business. #scaling #roadblocks #success #entrepreneurship
The Business Is Centered Around the Owner
At some point, Colonel Sanders had to share his recipes with a few other people. You can’t be so involved in the business that you have to do everything and the business is 100% dependent on you to scale. There’s an inability to add new locations, etc.
I like to think that eighty-percent of the decisions within my core business can be made without me and probably ninety-nine percent of the decisions in another business can be made without me. My goal in entering a business is to try and work myself out of the business.
There’s No Cash
You spend every dime that comes in and you don’t have a systematic method of putting money in your reserves. You have to have some gunpowder set aside for opportunities to scale, like purchasing another location or expanding into another area, or buying a competitor!
If you’re spending every dime you have, there’s no way you can scale it. When you bring in a partner or investor and they know you’re desperate, you’re going to be giving away way too much equity!
The market is dry and there’s no fertile ground for the business to grow. I like to find niches that can expand. When you start a business or are looking to start a business, look five, ten, twenty years down the road where there could be new niches/new territories.
You Don’t Have Enough Talent to Grow
The business is lacking the personnel to handle an increase in sales/acquisition/fulfillment. You have something going but it can’t go to the next level!
You Are Missing the Growth Mindset
You’re happy where you are and you are already making more than you ever wanted in your whole life. You’re comfortable not taking on the risk that comes with expanding. You have a survival mindset.