A few weeks ago, we did a five-week series on our Tuesday tip of the week. It got so much attention that we decided to put it in writing so we can help even more people remove the barriers to business growth. We believe that there are 5 major things (and many more small things) that prevent most businesses from growing. Most, if not all of what you will read here transcends all industries and all professions! We want your business to be successful and because of that we want to share these 5 points with you.
The first main reason that businesses don’t see the growth that they desire comes down to people. People make or break any business and the hardest thing to do as a business owner or leader is to find the right people, make sure they are motivated and productive and that you can keep them from leaving once they are! This is one major reason that businesses fail. They forget that not every employee is motivated differently. In addition, employees all learn differently and have different needs and wants in their professional career. If you lose an employee do you know the cost of that on your business? How much does it cost to find a new employee, where to find them, how much it costs to advertise for their job, and then there is the cost of training….. if you can find the right people for the right job and keep them motived your business is sure to grow and succeed!
The second reason that we see businesses stalling or not growing is the training of their people. Even if you are fortunate enough to find the best people you still need to train them effectively. Our experience is that most people do not have a thorough training program that not only teaches them how to do their job, but how to groom them for promotions or more workload. If you are unable to have a solid training program, this usually leads to turnover and starting over. Proper training is one of the best ways to ensure growth and success in your business.
Third, we run into many business owners and leaders that suffer from burnout. Sadly, this often happens during growth periods and at the worst times possible. In America today, most business owners do not have work life balance even though that is the reason most people go to work for themselves. They miss family events, vacations, and they are unbale to have work life balance and take time away to relax because they don’t have the right people, and/or those people are not trained effectively. Most business owners are also resistant, for a variety of reasons, to delegating essential job tasks and duties that would allow them to have work life flexibility and balance. This is a huge issue as it pertains to growing your business. You cannot grow your business when you are maxed out and burnt out.
Next, Failure to adapt to the changing climate and changing customer needs is a huge problem when it comes to trying to grow your business. This is essential because things that worked and were mainstream just 5 years ago are now outdated. In a recent blog that we posted, we quote a source that showed that 84% of all holiday shopping was done online. Can you imagine if you were a retailer and didn’t adapt fast enough, how much your bottom line would be impacted? Look no farther than Toys R Us that just filed for bankruptcy and will be closing doors. Sadly, we see this in more industries than just retail and it is a huge problem. You will need to stay current with the needs of your client base as well the changing environment of your industry. This doesn’t happen many times because it usually takes a shift of resources as well as culture in your business. If you want to succeed and grow your business, you will need to adapt.
Lastly, a major reason that businesses are not growing from our perspective is because their marketing and advertising is not hitting the mark. In fact, that is one of the first areas that we suggest spending cuts because their marketing just isn’t making the return on investment. If you do not know who your target customer is, where to find them, what marketing message will reach them and make them want to do business, then you are wasting any money that you spend on marketing and advertising. A proper marketing plan is sure to make your business grow!
For more information on why your business may not be growing or how we help business owners just like you become more successful, please contact us or call us at any time at 952-582-4669