4 Reasons Why Your Business Isn’t Growing
A growing business is a successful business; it’s as simple as that. If your business isn’t growing the way you thought it would, you will undoubtedly feel frustrated. Just what could you be doing that’s wrong? In some cases, there may be nothing to worry about. If you have only just started out in business, then it will take time for you to find your feet and a customer base. On the other hand, if you have been in business for a while and you are still not seeing a rise in profits, there may be something seriously wrong. In this article, we will help you eliminate any errors by highlighting the issues that may be responsible for halting your business growth.
Reason #1: You aren’t thinking big
Thinking big means coming out of your comfort zone. It means finding new ways to find customers. It means leaving the confines of a home office into and into bigger premises. It means thinking on a larger scale, and dreaming up plans that may seem impossible at first, but that will only become a reality if you put the work in. Logistically, you may consider it a nightmare, but when you have consultants such as Paul Trudgian at your disposal and untapped areas of the market that you may have never considered, you will find ways to grow. Or think small and don’t grow at all. It’s up to you.
Reason #2: People don’t know you exist
The phone never rings and you aren’t getting any orders coming in. Why? It’s possibly because your presence in the business world is minimal. When you have something to offer people, be it a product or a specific service, you need to let them know. Find creative ways to market your company, attend industry events and trade shows to meet potential clients, and focus on your branding to make your business stand out from the generic alternatives. Either that or assume people will stumble upon you while you make little effort. Hint: they won’t!
Reason #3: Your competition is beating you
Your competition is wide and varied. They are the people who live on the same street as you, perhaps operating out of their bedrooms with their own online business. They are the people who run retail stores in your local town centre. They are the online giants, Amazon and eBay, who are crushing every other business that stands in their way. These businesses are doing things you are possibly failing to do, and you need to find ways to beat your rivals. Some of them are unstoppable, but you don’t have to let them win. Find out who they are, be competitive and ruthless, and battle on to stay open in business for longer.
Reason #4: You have become irrelevant
Think about the companies who lost their edge in business. Blockbuster was no longer needed when people started streaming movies online. Kodak lost business when the rise of the smartphone superseded the common camera. Toys ‘R’ Us was beaten in the toy-selling market by the online competition. Sad stories all. To succeed in business, you need to be willing to change direction when times change or when other companies offer something better than you. Trends come, and trends go, so you need to know what they are and operate your business accordingly. Otherwise, you stand the risk of becoming as outdated and irrelevant as the companies we mentioned.
We have given you some examples as to why you may not be experiencing business growth. Consider what we said, seek advice from others, and act on any issues accordingly. Surviving in business is tough, but by overcoming any weaknesses, you will stand a better chance.