Most business owners start planning the growth of their business before that option is even on the table. But, once the foundation is set, and the plan is set in motion, the results are not guaranteed. Even with the best-laid plans, chances are something is going to derail them. People often think that money is the main resource that makes or breaks the company. But in the modern world, where everything is at your fingertips and once huge obstacles can be surpassed in mere minutes, money is just one of many resources at your disposal.
In all honesty, lack of funds should probably be the least of your concerns if your business isn’t growing. There are many other factors that you should consider improving in order to achieve the business success you’re after. Every situation is different, and even if you’ve had entrepreneurial experience, you still may find yourself in untested waters.
How Good Are Your People?
If you are looking for problems and solutions to all of your business challenges, look no further than your own people. One thing you should ask yourself is – are my employees good enough? If you have a restaurant, can they really make amazing dishes? If you own an IT company – how well can they understand the rapid innovations in the industry? If they are not up for the task, that doesn’t mean that they should be let go. But you need to be aware of that, and you need to train them.
You could also be facing an entirely different challenge. Let’s say that your team consists of superstars, best of the best, experts in their field of work. It all means nothing if they can’t work together. Their communication, teamwork, feedback skills, the ability to delegate… all of those things will make or break your company. So, don’t make sure that you have the best people, make sure you have the best team.
Are You Communicating Well with Your Target Audience?
Let’s say that your team, your in-house responsibility division, and organization structure is top notch. That part of the equation is solid, but what happens with the communication with your audience? They are the ones making the purchase, putting out word of mouth, liking and sharing. And the worst thing you could possibly do is not speak their language. Knowing your target audience should be the foundation of your entire strategy.
Based on their needs and desires, you should devise a communication channel that will enable you a two-way conversation around the clock. Do your customers prefer to live in contact? Do they spend most of their time on your website? Are they patiently waiting for you to create an app? If that’s the case, you need to put everything else on hold and focus on creating an app. That way, the initial barrier will disappear and an open and honest dialogue can take place. Value your customers, and they will do the same in return.
Is Your Back Office Good Enough?
Most business owners focus on hiring the top talents for their core business. If you are an IT company, you need developers, a clothing brand needs a creative designer, and your local auto repair shop needs good mechanics. And they certainly are the foundation. But what uses is a product if you can’t sell it? Does it matter if you’re good, even great, if no one has heard of you? And what happens if you can’t hire any new talented people when you desperately need them? Sales, marketing, finance, human resources… they are doing the dirty work for your business, and you need them more than you know. Don’t neglect their importance, or your business is doomed to fail.
Have You Scaled Your Technology and Infrastructure to Keep Up with Your Business Model?
And last, but not least… when was the last time you redecorated? Are your laptops ready to retire? And what about that air conditioning in the big conference room that keeps making that loud noise? When making a business model, nobody puts down regular cleaning as a must. We dare you to ask your employees how important it is for them to have clean offices, properly working telephones and a roof that doesn’t leak when it rains. Little improvements like these might just be the thing that is keeping yours from making that one crucial step further. Outsource your software development, find the right office space, and you should be well on your way
When it comes to figuring out why your business is not growing, the solution usually isn’t too complex. Somewhere, down your pipeline, there is a bottleneck, and you just need to figure it where is it. Afterwards, you need to work hard on fixing it, meanwhile having in mind, that you are possibly creating a bottleneck elsewhere. But now you know how to fix that as well!