Assumptions That Can Affect Your Business Growth

Now we all make assumptions in our lives and it’s hard not to, but if you have your own business there are some that can affect your business growth.

Below is a list of some biases that you should double-check as you look for ways to shatter your assumptions.

Assumption 1: You’re a known name in your market

You should never just assume that everyone knows who your business is because if you do, you’ll stop pushing your business towards potential; customers and just assume they already know who you are, which would mean that your business will suffer simply because you’ve assumed that people know about you.

You actually need to think the exact opposite. You need to ensure that you constantly spend time pushing your business towards the right target market so you’re giving them the absolute best opportunity to see and examine your business to see whether or not they’re interested in working with you.

Assumption 2: Your business is the best

We understand that you have to think that your product or service is the best otherwise it wouldn’t push you to continue with the business, but unfortunately, you have an extremely biased opinion towards your business compared to the one that your employees and customers will have. If you think that you’re the best already, then you’re saying that there’s very little room for any improvement.

You should ask your customers or target market what their opinion is of your business and if there are things that could be done differently to improve your product or service, then you can go back to the drawing board and implement any appropriate changes.

Assumption 3: Everyone in your business shares the same desire as you

We’re not saying that your employees won’t have the desire, you employed them because they’re going to bring that little bit extra for your business, but if you assume that they’d make the same sacrifices as you to pursue your vision then you’re mistaken.

You have to remember, you created this business and it’s your baby so you’d do absolutely anything to ensure that it carries on growing and developing into what you dreamt it could become. You should try and pair your vision with their personal vision and bring them what they desire, whether it’s an opportunity for development or advancement, you should align your common goals and build your dream team of employees.

Assumption 4: Your business is for everyone

You cannot please everyone, so don’t assume that your business is perfect for absolutely everyone, otherwise, no one will be interested. When you try and create a business for everyone, you end up serving no one.

You want to become indispensable to your customers and acquire raving fans who will happily purchase your product or service. It’s better to have a narrow market and sell products than have a product for everyone and sell very few. When you narrow down your focus, your marketing can become more specific, your products become more helpful and your business ultimately becomes more profitable.

January 14, 2019

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