"The 8 Business Growth Traps You Must Avoid – Success Strategies with Manny Skevofilax"

Business Chop Podcast Episode Transcript

Guest: Manny Skevofilax, Business Advisor & Author
Host: Audrey “Tech Diva” Wiggins

[Intro]

Audrey Wiggins:
Hello, Chop Squad! I’m your host, Audrey Wiggins, and I’m excited, as always, to bring you another fantastic guest. Today, we welcome Manny Skevofilax, a consultant, speaker, and author who helps business owners maximize profits and overcome growth challenges.

Manny is an expert in strategic planning, financial statement analysis, business operations, and organizational development. Since 2003, he has helped businesses achieve extraordinary outcomes, and today, we’re diving deep into the eight biggest growth traps that hold businesses back—and how to avoid them.

Manny, welcome to Business Chop!

Manny Skevofilax:
Thank you for having me, Audrey! I’m excited to be here.

[Fun Facts & Achievements]

Audrey:
Before we dive in, can you share a fun fact or an achievement you're proud of?

Manny:
Sure! My parents were born in Greece, and they immigrated to America after World War II. Fun fact—though they were from the same island, they didn’t meet until they arrived here! We’ve been very blessed with the opportunities they provided us.

One of my biggest achievements is publishing my book, Ultimate Profit Management, last June. It’s a summation of everything my mentors and teachers have taught me about growing a business profitably.

Audrey:
That’s amazing! Congratulations!

[The 8 Biggest Growth Traps Businesses Must Avoid]

1️⃣ Setting Unrealistic Growth Goals

Audrey:
Let’s jump right in! You’ve identified eight common growth traps. What’s the first one?

Manny:
The first major trap is setting unrealistic growth goals.

For example, if your business made $1 million in revenue last year, suddenly aiming for $2 million—a 100% increase—might be completely unrealistic depending on your resources.

Some businesses may have the capital, staffing, and infrastructure to scale that quickly, but many do not. Pushing for rapid, unplanned growth can cause stress, burnout, and financial strain.

Instead, set achievable growth targets that align with your capacity and resources.

2️⃣ Shiny Object Syndrome

Audrey:
Oh, I love this one! So many entrepreneurs struggle with "Shiny Object Syndrome."

Manny:
Absolutely! Shiny Object Syndrome is when you’re making progress, but suddenly, a new opportunity pops up, and you abandon your original plan to chase it.

I’ve struggled with this myself! Over time, I’ve learned to stay focused—unless something truly aligns with my business goals.

Here’s my tip: Stick to your plan unless a change is necessary for cash flow or profitability. Otherwise, distractions can lead to wasted time, lost momentum, and lack of progress.

3️⃣ Ignoring Financial Statements

Audrey:
Many business owners wear multiple hats and don’t always prioritize financial reviews. Why is that dangerous?

Manny:
Because if you’re not reviewing your financials, you’re flying blind.

At least once a month, review your profit and loss statement, balance sheet, and cash flow statement to understand:
✅ Are you making money?
✅ Are clients paying on time?
✅ Are expenses outpacing revenue?

Financial awareness prevents costly surprises and keeps you in control of your growth.

4️⃣ Overloading Expenses Before Growth Justifies It

Audrey:
I’ve seen businesses take on unnecessary expenses too early. What’s your take?

Manny:
Yes! A common mistake is hiring too fast or leasing expensive office space before revenue supports it.

Instead, focus on profit first and only increase overhead when absolutely necessary.

If you can run lean, automate, and maximize efficiency, you’ll scale in a sustainable, profitable way.

5️⃣ Growing Too Fast Without Infrastructure

Audrey:
How can businesses safely control their growth pace?

Manny:
Each business must evaluate what it takes to support the next client. If onboarding a new client requires additional software, staff, or training, you need to plan for those costs before scaling.

Gradual, controlled growth ensures you don’t overextend your team or finances.

6️⃣ Not Understanding When to Seek Funding

Audrey:
At what point should a business consider outside funding?

Manny:
For startups, it’s tough because banks require a track record of profitability (typically 1–2 years).

I recommend:
✅ Starting lean – use credit cards wisely and reinvest profits.
✅ Building a relationship with a bank early – Open an account and meet the branch manager.
✅ Only taking a loan when necessary & affordable – A strong profit history increases your loan approval chances.

7️⃣ Not Setting Clear Goals for Employees

Audrey:
What’s the best way to set performance expectations for employees?

Manny:
Clarity is key. Employees often think they’re doing a great job—but if you haven’t defined expectations, how do they know?

Give employees three measurable outcomes per month that define success. Be specific! Instead of saying, “manage inventory,” say:
✔️ Ensure less than $1,000 in lost inventory per month.
✔️ Reduce order processing errors to one or fewer per month.

Setting clear goals leads to higher efficiency, better performance, and less confusion.

8️⃣ Fear of Failure (Instead of Failing Forward)

Audrey:
I love the idea of "failing forward." What does that mean to you?

Manny:
It means learning from mistakes instead of dwelling on them.

Every business owner makes mistakes. The key is to analyze what went wrong, adjust, and move forward.

🔹 If you overspent on unnecessary overhead, cut back.
🔹 If you chased too many ideas at once, refocus.
🔹 If a strategy didn’t work, pivot!

Resilience and adaptability are essential for long-term success.

[Closing]

Audrey:
Manny, this was packed with wisdom! How can our audience follow you and get your book?

Manny:
You can find me at MannySkevofilax.com and grab my book, Ultimate Profit Management, on Amazon. I also blog regularly with more insights on business growth.

Audrey:
Fantastic! Chop Squad, be sure to follow Manny and apply these strategies to keep your business profitable and growing!

🎧 Listen now & subscribe!

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The 8 Business Growth Traps You Must Avoid – Success Strategies with Manny Skevofilax

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