Myth #5 – Trial and error is the best way to learn
- Developing, training and then losing staff or closing offices through poor employee performance management and retention can set a company’s growth back by many months, if not years.
- Mismanaging finances, investment or employee compensation drains management time and can put a company under severe financial strain.
- Structuring teams incorrectly causes personnel issues that take huge amounts of time and investment to resolve, damaging team morale in the process and letting competitors into the market.
- Branding, market segmentation or business model errors can irreparably limit an agency’s growth potential.
- Gaps or weaknesses in employment or director contracts lead to vast legal bills and huge distraction, or to the loss of key personnel or customer accounts.
- Ineffective technology planning and poor data management throttle a company’s ability to scale, creating ticking time-bombs that explode later down the line, diverting management attention and company funding away from vital growth projects.
In these scenarios and scores more, the rationale for ‘trial and error’ fades away – it becomes far more advisable for founders to work with experienced partners who can inform their decision-making, helping them get critical steps right first time and avoid unnecessary cost and delays.