Nothing is more frustrating than working ’round the clock and not generating an output equal to the input in your business. Granted, it’s common to invest on the front end of your business but, eventually, you want a return. You want to see the business grow.
Despite one’s best efforts to grow the business, some small business owners experience stunted or sluggish growth. Here are some of the most common reasons for slow to no growth.
1. No growth goal. Did you know research shows the only statistically 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. Who knew?!
That’s a significant statistics that begs the question – what’s your growth goal?
2. Missing business strategy. An absent business strategy generally results in a “fire, ready, aim” approach; one in which you start firing in hopes that — somehow — the business manages to accomplish its goal. Yikes! Your approach to how you’ll grow your business is as important as your goal for growth.
Plus, a well-defined business strategy helps identify opportunities that are ripe for you and your business.
3. Growing alone. Nothing grows in a vacuum. Little to no strategic interaction with like-minded entrepreneurs stifles growth in a variety of ways, including loss of creativity, blind spots, and diluted self-confidence. With limited interaction with others, small business growth begins to suffer in a multitude of ways, including loss of creativity, blind spots, and weakening self-confidence.
There’s tremendous value in making better decisions regarding business growth as a member of communities for emerging and growing entrepreneurs
4. Ignore advice. Most business owners are protective of how they choose to run their business. However, when sought-out advice is ignored, it merely keeps you stuck.
The best advice you never want to ignore — identify your business strategy.
5. Maintain what or how you’re doing it. This is what is referred to as insanity — doing the same thing over and over again and expecting different results. A course-correction in growth occurs when you alter what you’re doing or how you’re doing it.
One change that makes the difference between success and struggle is to stop doing and start achieving.
6. Pinching pennies. Every entrepreneur understands “bootstrapping”. Nonetheless, don’t let excessive frugality cause you to hire cheap, inexperienced vendors or to cut corners. Both come with a larger price tag than you realize.
Nail down a profitable pricing strategy to avoid cutting corners that impede your growth.
7. Doing it all yourself. Although doing it all yourself commonly occurs in the start-up phase of your business, it’s not designed to be a long-term strategy. Eventually, it bottlenecks your ability to grow.
As you add contributing members to your team, be sure they are pluses (not minuses) in your business.
Are you ready for the good news? These are easy to correct…and we’re here to help.