5 Reasons Businesses Don’t Grow
Oct 11, 2016 02:49PM ● Published by Melanie Heisinger
Most businesses want to be bigger, as in more clients, more
relationships, more revenue, and more profit. I hope you fit into this camp! I
don’t meet many who are completely satisfied with the way things are at the
moment, even if they are at a good place. It is natural to want to see your
enterprise become more successful.
Of course, not every business reaches their ideal pinnacle of success. Some reach a plateau and can’t seem to move past it. Others simply stay small, never finding the right path to jump to the next level.
While every business is unique, there are several common challenges to growth, and those businesses (and their owners!) are able to overcome these have much greater odds of achieving the growth they seek.
Here are five reasons that some businesses don’t grow.
1. No written plan for growth. Believe it or not, growth doesn’t happen by accident. Unless you are one of the lucky ones who come up with a product that captures the imagination of the public, and they determine they can’t live without it, you need a plan! Outline your goals and the steps to achieve them, and break them down into measurable chunks.
2. The owner doesn’t change. Too often the owner tries to continue to run the business as they always have, and a growing business has different needs as it becomes more complex. The owner needs to recognize the need to adapt and improve as growth occurs. Obviously the owner can’t physically be everywhere and do everything as they did in the early days, so delegation of duties must occur. But beyond this simple limit of hours in the day, the addition of staff requires a new mindset, one where trust must be given. Checks and balances are important, but an owner who won’t trust anyone limits their growth potential significantly. Change is required for growth, so embrace it!
3. The systems can’t keep up. Every business runs on systems, even if those systems are in the head of the owner! A growing business puts stress on existing systems and processes, often requiring them to be revised in order to handle the load. New ones may be required and continuous improvement and flexibility in this area is crucial. The systems that got you to where you are may not take you where you want to go! Anticipate the required changes before they become a crisis.
4. Lack of a strong marketing plan. Marketing and advertising is all about finding the right ways to get the attention of your ideal customer. Your marketing plan must be able to deliver the goods, when and where you need it along your growth path.
5. Poor Hiring. It’s always hard to find good people. It’s even harder to discern which applicant will be able to deliver. The lack of written job descriptions and clearly defined roles adds to the challenge. Take the time to determine what skills you need, and the type of person who would best fit the company. Be sure to prepare for interviews, and improve your skills in this area if necessary.
There can be many reasons why businesses don’t grow, and these are only 5 examples. There is a theme that runs through all of them: if you want growth, then plan for it. Be sure you take the time to work on your business as it grows, not just in it.
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