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5 Reasons why your Business isn’t growing

Posted on 15 September 2017 by admin (0)

Many entrepreneurs get frustrated when their businesses remain stagnant or don’t seem to be growing. But, why? The fact that you have a great product and an exceptional customer service doesn’t mean you’ll grow automatically. You could be doing a lot of things to ensure your business grows, but still, nothing is happening. If each year your businesses still bring you the same figures in revenue, then you have stalled. It’s dangerous or rather risky to have such a predicament as it will sustain a straight line curve for some time before things begin dying.

You should always remember that owning a business can be the most comforting and rewarding thing a person can ever embark on. If your business started so well but reached some point where it stabilized and then plateaued, it’s time to check and see where you went wrong. Here are some of the reasons why your business could be not growing.

You don’t See your Customer as the Top Priority

One of the main reasons businesses stop growing is the inability to put the customer as the number one priority for the business. You can be caught up in your daily routine work and operations that you forget that you’re in business because of your customers. Every business should always refocus and remind its staff the mission, vision, and goal of the organization. You may need to discuss with your customers from time to time and find out what they expect and want to see more. How do the customers interact with you? Does your website provide in-depth, useful information about your product? How do you communicate and interact with your customers and target audience? Focus on improving your communication and interactions with your customers and build lasting relationships.

No Means to Track Numbers. You do not measure your Business Progress

There’s so much to discuss and write about this topic. Young businesses are the most affected here. Failure to keep track of important business indicators and lack of reporting functions often cause businesses not to grow. Tracking key indicators and preparing reports informs your management team on areas that need more focus and resources. They provide you with real-time feedback that helps in improving your systems and making necessary adjustments. Feedback from all areas of your business will help you make the needed adjustments and improvements to the ongoing needs of your existing customers and target audience. It also helps to you to understand your employees and cultivate a conducive working environment. Invest in your staff and encourage open communication.

Lack of growth goal and strategy.

Do you have a growth goal? The growth of a business is not dependent on the size or length of the business. The entrepreneur’s goal is the one that determines the growth of the business. During the start of a business, you always stick to the business plan. Nevertheless, once your business grows, you ignore and forget the plan you had at the start. It is recommended to a monthly review of your plan so as to track the business progress. Reviewing your plan will help you forecast and be accountable at the end of the year.

Failure to identify new opportunities and markets.

When a business matures, it starts to run on a predictable and known standard. At this time, the owner knows what and to whom to sell and the probable outcome. However, when things go wrong for your services or products, you are more than likely to be of business. You need to be vigilant about the market trends and what may happen in the near future. Ensure you understand what your business offers and look for new markets. Doing nothing about your business puts your business at stake. You can choose to diversify your business, innovate your products to make you outstanding in the competitive edge or also look for other industries that may need your products.

Lack of a Marketing Strategy

It’s either you completely don’t have a marketing strategy, or you’re starving your company of the marketing it needs. Every business, small or big, should be marketed correctly for it to keep growing. A small business with a proper marketing strategy is more likely to outperform a big business with an ineffective or no marketing strategy. Don’t starve your business of professional marketing for any reason.

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