It’s common to hear entrepreneurs complain about the slow pace of their businesses. They may have great products, good customer service, and a continuous flow of customers, yet their business growth has stalled. What they don’t realize is that they are actually holding their businesses back because of a number of reasons.
It’s time to figure out what’s causing the standstill and make their businesses better.
What do you normally do when you see a growth plateau? The hasty response is to throw more money at the issue via aggressive marketing or find extra capital to reinvest in the business. However, before spending another penny on added debt or marketing effort, consider the following reasons why your business is refusing growth.
Outdated or flawed business plan. Before you’ve opened your business or when you started plans, you may have an idea of how you wanted to work things out. However, things sometimes don’t actually work according to plan. You may find yourself making harder decisions to adapt quickly.
It may be time to re-evaluate your whole plan and check if it’s still relevant today. It will take years to build a business, and many things can happen and evolve while you’re at it – the economy, your clients, your products and services, your business goals, and others. Assess and tweak as necessary.
Blending in with your competition. Some entrepreneurs, in order to play it safe, choose to camouflaged themselves with other providers in the industry. And while your business type and name may be different, nothing will be noteworthy and intriguing about your business since nothing tangible sets you apart.
Do something different if you really want to stand out – something outstanding or remarkable. Something that provides value to your potential clients. Be brave and go outside your comfort zone. Courage and creativity are necessary for any business to grow.
Imperfect pricing strategy. Selling based on low fees and low prices can only work if you’re the lowest-priced alternative, and more often than not, you aren’t. Your clients can simply Google a lower-priced alternative in seconds. It’s risky to desperately price-drop in an effort to get sales.
A better strategy would be to focus on adding value to what you do. This can make your business more profitable while letting yourself compete for better, more profitable customers.
Low conversion rates. If you’re seeing that your conversion rates are low, the reason may be because you’re wasting opportunities that could’ve converted into deals. You’re having issues with your sales process and you need adjustments.
No online presence. What modern business doesn’t require a website? None. If you’re serious about your business and is planning to make it a global brand, then having an online presence should be an obvious consideration. Being online enhances your business’ reach, extends your promotion through multiple channels, and allows you to be open anytime. Your conversion rate can also increase exponentially via an online presence.
You will need to sit this one down and plan it. It will start with a domain name or your online identity, which you can purchase online via any domain registrar of your choice. When considering your name, take note that it must be short, easy to understand and memorize, and most of all, it must carry your business goal.
Once you know the exact issue, figure out what it is and what strategy can work. You may need to change a number of tools and management style to reinvigorate your business. Best of luck!