Getting a business off the ground is as difficult as it’s always been – it requires planning, doing market research, securing funding, and acquiring skills and knowledge in all sorts of fields. But growing a business and making it thrive in the current economic climate is all the more challenging. It’s no wonder that so many small businesses reach a stagnation point and struggle to move forward.
Leaving short-term goals aside, constant growth is the ultimate purpose for all businesses. No company wants to stay small forever. Expanding your business comes with a wide array of benefits, such as attracting new customers, increasing sales and profits, building a reputable brand, minimizing risks, attracting investors, etc.
However, there are many blockages that can get in the way of your plans and stop you from reaching your objectives. So, if you want to succeed in growing your business, you have to be able to identify these obstacles, preferably before you come across them, and find effective solutions to overcome them, like Timesheet Portal – the software that speeds your pay and bill cycle.
Lack of skills
You may have what it takes to start a business and keep it going up to a point, but as your business starts expanding, you’ll come to realize that your talents as an entrepreneur have their limitations. Running a business requires you to wear many hats and take on diverse responsibilities. You must be able to do a bit of everything: you need to have great communication and interpersonal skills, understand how sales works and have strong financial knowledge, know how to build effective business strategies, find the right talent for your company, etc.
Growing a business means you’ll have to expand your knowledge, so you can keep up with the new demands that arise from it. You may have to brush up on your digital marketing skills or stay up to date with compliance requirements in your industry. Whatever the case might be, constant learning is key in taking your company to the next level.
Lack of a sustainable growth strategy
You have to understand early on that growing a business is not a sprint but a marathon. A lot of business owners approach business growth from the wrong angle, relying on cash injections to help them achieve their goals. While a capital infusion can provide numerous benefits, it does not make for a sustainable growth strategy. Your business will most likely experience a sudden growth spurt and then get stuck again.
The better approach is to develop a sustainable business model – one that would allow your company to generate the necessary financial resources that will fuel its continuous growth. That way, you won’t have to resort to investors or financial institutions to get funding for your business plans.
Poor time management
A growing business comes with a higher volume of work, and that might make you feel like there are not enough hours in a day to complete all the tasks you have on your to-do list. Work overload coupled with poor time management skills can take their toll on both your personal and professional life, making it difficult for you to maintain a good work-life balance.
Now’s the right time to take advantage of tech advances and use digital tools and apps to automate business operations. There are multiple software solutions to manage your projects effectively, keep track of time and expenses, and make your life as an entrepreneur a lot easier. Not only will this reduce the risk of human errors, but it can also help you make better use of your time, so you can stress less and focus more on growing your business.
Growing customer demands
A larger company will obviously attract a larger and more diverse crowd. As you expand your range of products and services, you have to get ready to welcome new customers to your business. The strategies you’ve used so far to keep your customers happy might prove inefficient in satisfying the needs of your expanding audience.
Therefore, you have to get acquainted with your new customers and find out what they want and expect from your company. Making assumptions in this respect can lead you down the wrong path and hurt your relationship with your customers. What you should do instead is collect relevant data on your customers by conducting surveys, getting reviews, using social media, holding events, employing other similar strategies, and using this information to create a customer profile.
Growing may also imply entering new markets and trying to attract new customers, and that often comes with new competition. Unfortunately, it’s a package deal – you can’t have one without the other. As if it wasn’t difficult enough to deal with your existing competitors, now you’ll have a tougher time trying to stand out from the crowd.
This means you’ll have to pay close attention to what your current and future competitors are doing to get the pulse of the market, but try not to let that distract you from what you have to do. You have to stay focused on your business strategy and employ effective techniques to keep your existing clients happy and attract new ones at the same time.
Tendency to micromanage
It’s a common habit for entrepreneurs to try to control every single action and aspect that goes into running a business. This controlling behavior that leads to micromanaging can have plenty of negative consequences, and hampering business growth is definitely one of them.
You have to understand that you can’t do everything on your own. You can only grow a business if you have trustworthy and well-trained people around you to whom you can delegate important tasks. Growing a business requires a team effort, not putting on a one-man show. This also highlights the issue of insufficient or inadequate staffing. It’s important to expand your team depending on the current needs of your business and hire talented individuals who can provide the skills, knowledge, and support you need to achieve long-term business success.