6 things that are preventing your business growth
A business with a positive growth rate is the dream of every entrepreneur. While some of them embrace it with open hands, there are some unfortunate ones who struggle to cover their costs. Business growth cannot be achieved by applying a formula. It comes to you with experience, learning, failures and a bundle of problems. Later, it depends on you and your bounce-back techniques.
However, sometimes, it just becomes very difficult to identify the puddles in your pathway to growth. Exactly why, we are listing a few common problems which are not visible to the naked business eye but have negative impacts on your company’s growth.
Saying ‘No’ to outsourcing
A multi-departmental functioning under your own roof is a great achievement, but not at the cost of your growth. When you have all the teams working under your own administration, it creates a heavy strain on your company resources. The high operational costs, day-to-day expenses, salaries, etc drain your budget. Consider outsourcing of non-fundamental undertakings. Pick the best agency in the delegated field, and rest assured because your enterprise is going into expert hands. For example, if you are not able to acquire new clients lately, hire a customer acquisition company like Ramped. Now, note the considerable difference in your costs and direct them in other aspects of your business to achieve a higher growth rate.
Not settling pending debts
Funds are life and blood of every business concern, a minor deficiency here can cost you a major client, in the worst scenarios. A lot of your finance comes in the form of revenue which you collect from the consumers of your products, but some customers don’t pay on time. Some might over-delay and as time passes, it gets more difficult to collect the debt, creating a deficit in your budget and deterring your firm advancement. Try hiring a global debt collection agency, which makes it easier for you to materialize your payments and prevent your ship from running aground.
A business is a systematic and planned procedure for carrying out the desired functions of the concern. It defines the specific procedure for doing the work assigned to each department. If you feel that there are employees in your firm who are not investing their ultimate best, that’s the major cause for your negative growth. Employees are the wheels of a running business concern and if any of your wheels is incapable of carrying the weight – there is no way in the world you can walk towards prosperity. Hire new talents and train them in tandem with organizational goals with proper training programs.
Complicated systems and processes
A system to carry out a particular task is created in order to achieve the goals in the stipulated time frame, but it works only when the systems so created are in tandem with your company’s activities. Not all systems suit all firms. Sometimes, the complexity of the process can be too much for your employees to grasp, resulting in frequent breakdown, post which the growth goes for a toss. It is necessary for the entrepreneur to decide what is best for his venture. Take feedbacks and suggestions to modernize and improve your processes and resultantly, the growth.
No analysis and improvement
The needs and requirements of your company change with time. New inventions, techniques, and machines keep changing the way you trade, and it is an obvious fact that you need to be updated with the changing business trends. If you fail to keep up, be prepared for the ultimate fall. Frequent analysis helps you understand strong points, weak links and the scope of improvement.
Your business is not just a money-making institution – it’s the major occupant of your time. Maybe, in the beginning, you looked at it through rose-tinted glasses, but now it doesn’t make sense. This indicates that the passion is lost, and the drive is missing. Develop the fire for your business. Think about the reason why you started this venture in the first place. Redevelop your love for the industry, for your customers, for your products, and most importantly for your brainchild. Once you are re-energized, the world’s waiting for your ‘welcome-back’!
Now that you are aware of the most common bugs that creep in your business growth, it’s time for some action. Before it crawls in your entire organization and makes it hollow, it’s time for you to implement strategies that can fight with these inefficiencies.
Now watch yourself race to the peak of success!