Why Your Business Is Not Growing.

It’s every entrepreneurs dream and goal to see their business grow.

They have the best business plan, a great customer base, and great employees. But still have their numbers remain the same year after year.

Obviously, it’s going to take time for your small business to grow to the way you want it to grow. However, if you have been stuck in the same place for a while now, it’s a sign you are not growing.

You might be working round the clock but the output you get is not comparable to the input. As a business owner, you need to figure out what’s affecting your output and stalling your business growth.

Whether your growth is slow or stunted, you need to be more aware of how you operate your business. This way, you might be able to pinpoint the factors behind your business’ slow or stunted growth.

Business gurus say there are so many common reasons that stop a business from growing. This reasons could vary from business to business and some are associated to personal attributes.

1.You Stopped Growing.

Your growth as an individual is very important for your business. If you are not growing as a person and as a business leader, your business does not grow.

As a business owner, all the business decisions you make are influenced by what you know.

When was the last time you read a book or learned something new that helped you improve your business? If you can’t remember, there is a problem.

Marketing guru Jim Connoly says you cannot give your business knowledge you don’t have. So if your cup is empty, so is your business.

Learn as much as possible about business planning, operations, finance, business management, leadership, etc. Know as much as possible about your business industry and study those who have gone before you and built successful businesses.  

They say knowledge is power and this power will grow your business.

2.You have masked yourself.

There is a very high possibility you have masked yourself among other businesses and you are not standing out from your competitors.

Growth is not for the common but for the people who go the extra mile to be unique or do what’s not being done by everyone else.

Look at yourself against your competitors. If you were a customer, how would your business stand out from the others? If you can’t answer that question, it’s time to come up with an answer.

Falling in the safety net of being like your competitors will cost you.

Similarity brings invisibility. Marketing guru Jim Connoly says offering similar services or making similar promises as your competitors make you invisible.

Uniqueness is what will bring you more business-boosting your numbers. It’s what attracts new customers and retains them to be loyal customers.

Work towards giving your customers something that is uniquely valuable and give them what they don’t get from your competitors.

Connoly says you can’t be like others if you want to get noticed.

3.You are not networking and building the right business relationships.

One thing about the business world is that you can’t thrive in it by being alone. Thus, business owners need to connect with the right people that could help push your business in the market.

It doesn’t have to be the top influential people in your industry. Your supplier or a different business next door can be of great impact to your business.

The right relationships will connect you to other networks with potential clients for your business.

Even in your own network, there are people who could be your clients or refer you to people they know. So, reach out to your influential contacts with just a simple message and you might attract more clients than you even need.  

You could learn from the most successful business owners who strategically connect with influential people in their industries. Put your business out there by going where the influence is.

Attend networking events related to your industry and strategically interact and connect with these people.

4.You are in status quo.

Most business owners struggle with the status quo and this greatly affects their business’ growth without knowing it.

If you are in your comfort zone, doing things the same way, and settled in your business, you cannot grow. Remember the great plans you had in the beginning and get back to them. Always want more than what you have for your business because this is what will push you to grow.

Again, as they say, you cannot do the same thing over and over again and expect different results. Look at what you are doing or how you are doing business and see where you can make some changes.

Come up with your own growth goals depending on where you are now and where you want to be. Don’t just do things for the sake of doing them, instead, do things with an aim of achieving something.

5.Your marketing is not serving your business.

Marketing is music to your business. And how you tune it determines its effects.

Most small business entrepreneurs don’t give much thought to the right marketing. They assume that having a great product or service will bring them numbers without lifting a finger.

Correct marketing can help you outperform your competitors.

Purpose to invest in marketing and if possible, budget for professional marketing if you want to see your business grow. Marketing is costly and it’s more costly if done the wrong way.  

6.You are not spending enough on your business.

In the business world, you have to spend if you want to grow your business.

Most small business entrepreneurs want to save as much as they can but being too frugal can cost your business. Don’t be too frugal on aspects that influence your business growth.

Don’t choose cheap suppliers just because they are cheap.

Know and understand what your business needs. If you need more staff, invest in getting more staff.

7.You don’t focus on repeat business.

As a business owner, you should know this, repeat business is the lifeblood of any business big or small.

Don’t put so much effort into chasing new clients forgetting your existing customers. You will end up losing your existing customers.

Focus more on retaining your customers if you want your business to grow. Keeping your existing customers happy makes them stick around and this is good for your business.

8.You are sweating on the small stuff.

If you are the boss that focuses on the small stuff you are wasting your time and affecting your business’ growth.

You should be focusing on more important and weightier issues that only you can handle as the boss. Whatever other tasks that need to be done, delegate them to your employees.

When you don’t sweat on the small stuff, you will be more focused on dealing with business aspects that will help grow your business.

Final Thoughts…

There is always something you can do to boost your business’ growth.

As the business owner, it’s up to you to figure out factors behind your slow or stunted growth and make the necessary changes.

Learn from your mistakes and other’s mistakes and push your business in the right direction.

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