Many business owners aspire to grow their businesses but only a small percentage actually achieves the growth that they aim. There are many barriers to business growth and there are reasons why business owners may struggle to grow their businesses.
You may want to grow your business but are finding the reality quite different. Every business is unique but to help you consider what your growth barriers are, I have summarised below some of the potential barriers that you may be encountering.
Is your mindset holding your business back? What are the mental barriers that are stopping you from growing your business? You may be afraid of success, lacking in confidence, unclear on how to grow your business, fear you may fail, look on the negative side of everything, worry about the consequences of your actions or feel that you cannot grow your business. Be aware of how your thinking is acting as a barrier to the growth of your business and consider how you can think differently to enable growth.
Working ‘in’ rather than ‘on’ your business
Are you too busy working in the day-to-day of your business to set aside regular time to step back and focus on your business strategy and business growth? It is challenging to move from working in the day-to-day of your business to be more strategic. To enable your business to grow and prosper, you need to spend time working ‘on’ your business and not just working ‘in’ your business.
Lack of strategic planning and a vision
Have you considered where you want your business to be in the short, medium and longer term? A strategic plan and vision for the business is a critical starting point for growing your business.
Knowledge, experience and skills
Do you or your team need to increase their knowledge, experience and skills to enable your business to grow? What additional leadership and management skills do you and your management team need that can take your business forward? Consider investing in knowledge, experience and skills for you and your team to enable your business to deliver growth. You may also want to access the support of specialists who can help you grow your business.
Doing the same as you have always done
When was the last time you did something different in your business? Are you running your business the same way when you started your business but struggling for growth? To grow your business needs to be flexible, open to change, innovative, creative and prepared to do something different. Consider what needs to be different in your business to enable growth.
Inefficient systems, processes and procedures
Are your systems, processes and procedures inefficient and ineffective? To enable growth, you may need to improve your processes and procedures and invest in IT and software. Consider what you are putting up with on the operational side of your business that is preventing growth.
Being too risk-averse
Are you afraid of taking risks in your business? There should be a balance in the business that can be attained by finding an appropriate level of risk that is acceptable to the management and shareholders. If you are too risk-averse, you may be hindering the growth of your business and if you take too much risk, your business could fail. Business growth involves taking measured risks in proportion to your business and not overstretching the business.
Inadequate or inappropriate sales and marketing activity
When was the last time you reviewed your sales and marketing activity? What sales and marketing activities are you conducting? Too many businesses assume that they will keep generating sales without adequately investing in sales and marketing or without any review or changes to their sales and marketing activity. The right sales and marketing activity is critical to enable business growth. However what is right today may not be right tomorrow, so flexibility and creativity in your sales and marketing activity are essential.
Poor customer service
Is poor customer service impacting your business? What do your customers think about your service? You may be finding that your business is not growing due to customers being unhappy with the service they are receiving. Excellent customer service is a prerequisite of sustainable business growth. Consider what changes you need to make in how you are servicing your customers.
Is any of the above acting as barriers to growth in your business? If yes, then you need to take corrective action to overcome the above hindrances.
Companies that have found a sweet spot in the market can be hampered by obstacles that might have helped in the company’s growth in the past, but these can be liabilities in the global, mobile and digital economy.
This program empowers you to outrun these and many more barriers that can intercept the growth of your business. It will help you grow your business to towering heights and at an accelerated pace.