It is frustrating when you are working round the clock but not generating an output equal to the business input. Every business wants to grow and recoup the investment. As a business owner, you want to see your business grow.
Sometimes, despite the efforts you put in to grow your business, you may experience stunted or sluggish growth in your business. Why does this happen? Let us highlight 7 reasons for slow or no growth in business.
No Growth Goal: Research shows that the significant predictor of business growth is not the industry, size of business, or length of time in business. It is the entrepreneur’s goal for growth. Have a goal to reach each day, week, month, quarter, and year. Fight hard to meet the target and even if you don’t achieve it, measure your efforts and try to improve.
Missing business strategy: When you do not have a business strategy then you would be shooting aimlessly. The business would struggle to achieve the goal if there is no strategy in place. It is imperative to know that your approach to how you would grow your business is as important as your goal for growth.
Growing alone: Having little or no strategic interaction with like-minded entrepreneurs stifles growth in a variety of ways. This causes loss of creativity, blind spots, and weakening self-confidence, all of these impact negatively on the business.
Ignore advice: A lot of business owners are protective of how they choose to run their business, they have a preferred method they want things to go. This is not wrong. However, when sought-out advice is ignored by the business owner, he/she and the company may be stuck.
Maintain what or how you’re doing it: Some Business owners are just too stubborn. Doing the same thing countless times and expecting a different result. There would be growth if the previous procedure you are using which does work is changed. If one method isn’t working for you then try another method.
Spend when necessary: We understand the fact that you may be bootstrapped. But do not allow too much frugality to cause you to hire cheap and inexperienced vendors that would cut corners which may be damaging to your business.
Doing it all yourself: Doing everything yourself is not designed to be a long-term strategy. While this may be possible when you start your business, as your business grows you would need more hands to build the business with you. While hiring, you should watch out for those whose values and skills match what your business represents and needs. You can find the right professionals on Bixex, whether on a freelance, contract, or full time.
When you correct these and take into account all that has been mentioned, your business would not only record growth but attain a height that you may have never expected. If you are a business owner or top management staff, you would need to critically find out if your business needs readjustment in any of the areas.
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