Are you experiencing growth within your business?
And by growth, we are talking in the financial sense, with a significant boost to your profit margin, and logistically, perhaps with an expansion to your office space, and/or with a more diversified product or service within your business.
If your business isn’t showing growth, within any capacity, then you need to consider the reasons why. Perhaps the truth lies within the following.
Reason #1: Your employees
Do you have employees in your care? If not, this could be one reason why your business isn’t growing. With an extra pair of hands (or more), you will a) have more room to diversify your business, and b) improve productivity, so more gets done in your business each day. As a consequence of either, you will see a growth in both your profits and in what your business can offer!
On the other hand, you may have employees in your care, but are they educated to do the job at hand? Are they as passionate about the business as you are? Are they pulling their weight? To see growth, you might want to a) consider the linked article on team recruitment to ensure you have the resources to find the best people for your business, b) pay for training to give your current employees the resources they need to prosper your business, and c) spend time with your employees to ensure they are happy and motivated in your workplace.
Reason #2: You!
Could you be the reason why your business isn’t growing? This could well be true. While your business might not be ready for growth, you might also be procrastinating too much about taking your business forwards, perhaps because you are afraid of change. There is a fine line between being ‘not ready’ and procrastination, so where do you fall? Should you be doing more to implement changes that might grow your business? Only you know the answer.
Then consider the effort you are putting into your business. If you’re tired or unenthused about what you do, then your productivity may be low. You might consider delegating more if you need a break, and/or you might want to reassess your business, and whether it’s the right fit for you. So, take a long hard look at yourself, and the hand you play within your business. If you’re a stumbling block to growth, you need to work out why and do something about the problem.
Reason #3: Your marketing isn’t working
It’s a no-brainer that you need to market your business – you won’t see growth if you don’t – but if you are using dated methods, or if you are targeting the wrong demographic, then you won’t see a lot of customer or financial growth within your business. So, consider what might be going wrong.
There may be marketing strategies you aren’t implementing, so using the advice in the linked article, consider trying something new. Secondly, consider the people you are trying to reach. If you aren’t seeing a lot of return from your marketing efforts, then you need to either a) market yourself differently, or b) target other demographics within the strategies you use. There are some ideas here to help you define your target market.
Then ensure you make more of a concerted effort to market your business. Stay in touch with current and past customers on social media. Encourage your employees and customers to spread the good word about your business to others. And perhaps hire a specific marketing team to deal with this aspect of your business, as you will then be able to concentrate your efforts on those other parts of your business that demand your time.
Reason #4: Money is lacking
If you are struggling to make a profit, then you might not have the financial resources to purchase what you need to make your business grow. Should this be the case, then you need to work out your spending. Can you cut down on any of your expenses? Check out these cost-cutting tips, and implement any that are relevant to your business. And when you start to make savings, ensure you put some money aside into a savings account. The more you can save the better, as you will then be able to afford anything that might grow your business, be that hiring new staff or paying for those physical resources that will promote growth.
If your business isn’t growing, we may have hit the proverbial nail on the head. Consider what we have said, and make any changes necessary if something relates to your business. And if you have other suggestions for any entrepreneurs reading this article, share your wisdom with us. By pulling our ideas together, we can all be better placed to both improve and grow our businesses. Take care, and thanks for reading!