3 Common Barriers To Business Growth & How You Can Overcome Them
There’s an argument to be made for ensuring that a small business remains small. Those who value the leisurely pace of life and quality customer interactions that make running a small business so rewarding are often in no rush to hasten business growth. But that’s never been your jam. You’re an ambitious business owner. And your confidence and pride in your product and your brand is such that you’ll settle at nothing less than than total world domination. Many assume that business growth will come as a natural consequence of success. But that’s something of an over-simplification. You need to be prepared to fight to grow your business, assessing all the variables, and charting a clear path to growth in a manageable timeframe. So that you don’t become a lumbering giant that trips up over its own feet.
There are a number of barriers that may stand in your way when growing your business. In order to prepare yourself for them adequately, you need to be able to identify them and have a strategy in place to help you overcome them.
Address these barriers to ensure that your business grows in direct proportion to your ambition…
Lack of advertising / Marketing ROI
It goes without saying that growing your business requires you to retain repeat customers while also engaging new prospects and ensuring that leads sail effortlessly through your sales funnel. And if that were easy… everybody would be doing it.
The key to engaging new clientele is effective advertising and marketing. But without the right partners behind you, these costs can quickly become a black hole that renders your ROI erratic at best and non-existent at worst.
The right mobile advertising company can help you to identify where you’ve been going wrong and put plans in place for future growth in line with your unique goals. Stop shovelling money into a marketing black hole!
Disenfranchised or coasting staff
Your vision will chart a path for future growth. But it’s the hard work and everyday endeavor of your team that will make that growth a reality. And your team need to be adequately prepared for the operational changes that business growth will necessitate. And if they’re casting through their work day and disenfranchised with your brand, you can’t expect them to lead the charge for business growth. You need to invest in their training, development and engagement, helping them to see a longer and brighter future with your company.
Check out 65 Inspiring and Practical Ideas for Employee Engagement in 2021
Finally, in the 2020s, every business is a tech business. And a lack of capability and scalability in your tech infrastructure can seriously bottleneck your performance and growth. Maybe it’s time you finally bit the bullet and starter outsourcing your IT to a third party. You’ll find that the operational savings and increased agility are far more conducive to growth than trying to do everything yourself.
Likewise, migrating as much of your operation as possible to the cloud can make scalability faster, easier and cheaper. Your agility and capability rely on having the right tech at the right time. You can’t expect a foundation for sustainable growth without the latest technology.
Categories: Outside Contributors