When we are talking about business growth, we are talking about…
– Expanding your profits
– Extending your services
– Increasing your customer rate
However, there may be certain factors that are limiting such areas of growth in your business. In this article, we are going to have a look at some of them, and give you a few ideas on how to remove the barriers that may be in your way.
Factors that may be limiting growth include the following.
Sorry to say it, but we need to put this right at the top of the list. Could it be that you are your businesses number one barrier to growth?
If you have a lack of vision, then you will be unable to take those steps to see your business grow. If you lack in certain skills, then your productivity will be low, which will in turn limit growth. If you aren’t passionate about what you are doing, then that may reflect in the work you produce, and within the morale of the team you may have around you. And if you are afraid to take any risks, probably because you are worried about business failure, then your business may stand a chance anyway. For any one of these reasons, you are restricting any kind of growth in your business.
Consider the role you need to play, and look at the ways in which you may be limiting the potential of your business. Look to the future and set business goals, so you have a direction to work towards. If you lack in any skills, take any training courses necessary, or delegate certain tasks to your team or an outsourced firm. If you are afraid to take risks, know that there are some risks worth taking if you want to grow your business. And if your passion is low, then question why. Are you tired and overworked? Or are you running a business that ultimately has no appeal to you? Take a break if the former applies, and if you don’t really care for what you are doing, consider a more worthwhile change of direction within your business.
#2: A lack of space
if all you need for your small business is a desk and a computer, then so be it. You probably don’t need a lot of room to work. However, if you sell any kind of product, employ any number of staff, or need to cater to customers and clients, then you may need extra space for your operations. In this instance, adding more space is about more creating more growth potential, as your physical environs need to be fit for purpose. You need room to store your stock, extra space to encompass physical resources for your staff, and extra space to accommodate any visitor to your premises. Renting extra space, or converting your existing business property with the aid of a construction recruitment service, may be just what you need to do to see your business grow, both literally and theoretically.
#3: The people in your employ
Does your team have what they need to help you grow your business? Are they skilled and equipped to carry out the tasks they have to do? Are they fully-engaged with your mission statement?
In the same way that you need to ensure your talents and motivations aren’t a hindrance to business growth, you need to consider your team, making sure that they have the necessary training behind them. Especially when it comes to areas such as sales, marketing, and customer service, if they are lacking in these particular skill sets, their ability to attract more customers and secure extra profits will be lacking. As a business leader, you need to put training in place to strengthen your team’s ability, boost their morale to encourage them to work more productively, and share your vision with them, so they have that growth mindset that you (hopefully) possess yourself.
#4: Outdated methods
The consumer market has moved on, but have you moved on with it? Is your website stuck with outdated designs? Have you failed to incorporate modern features, such as live chat, optimisation for search engines, and social media connectivity? Is your computer running slower than a snail because you haven’t updated the operating system, or bought a new computer within the last five years? Are you utilising the digital marketing strategies at your disposal, or are you still marketing your business with traditional, and perhaps unreliable marketing methods?
To see your business grow, you need to get with the times. Your nearest competition will be upping their game with modern website trends and improved marketing strategies, so you need to follow suit. Your customers demand it, as they will migrate over to your rivals if you resist change. Your employees demand it, as their productivity and morale will suffer if they don’t have the relevant tools needed for the job at hand. And your business demands it, as not only will it not grow, but it will stutter and fall if you don’t give every facet of your operations a modern makeover.
#5: A lack of finances
In business, money is everything if you want to grow. You need to raise the capital to do those things that will grow your business, such as hiring extra staff, renovating your business space, and funding your market attempts. You need to scale your income in line with your business growth, as you may need extra funds for the added overheads and expenses your business might incur as a consequence. And you need money in your bank to deal with any emergency situations, as your business may falter otherwise.
So, consider your financial situation. Do you need to put more effort into marketing your business to attract more customers and increase profits? Do you need to consider the services of an accountant to help you better manage the money you have at your disposal? Do you need to look for ways to make savings? And do you need to look for extra income ideas, perhaps with a side-hustle to grow your finances at a faster rate?
Think about what you need to do, and then research all the steps necessary to ensure you have the finances you need to a) keep your business going, and b) see your business grow!
So, how is your small business doing? Are you seeing growth? If not, consider what we have said in this article, and then put into action anything that is needed to turn your situation around. The future of your business may depend upon it.