Any small business owner knows the life of an entrepreneur is often a stressful one and it takes time to build a successful business. However, if you’re splashing out the cash on marketing or investing additional capital, and you’re still not getting results, then maybe it’s time to reassess your strategies. While most businesses always have room for improvement, it’s not great when you’re stuck in a rut either! If you’re feeling that you need to find some solutions for improving business growth, here’s some reasons you’re not building your business as fast as you’d like to.
If your business is losing money or isn’t as successful as you’d like, I’ve included extra questions to ask yourself so you can better evaluate how to make your small business grow quicker.
1. Do you have Shiny Object Syndrome?
- Do you have a long list of business ideas but don’t do anything about them?
- Have you got the right business tools but don’t use them?
- Do you start something new but never see it to the end?
- Are you attracted to social media hype?
Shiny Object Syndrome is when someone has a tendency to drive all their attention towards something current or new, without focusing on what they’re actually doing. It could refer to the latest trend, idea or tactic within an industry. Sound familiar? Although it might be difficult to focus on one single aspect of business, especially when you already have so much to think about, you could end up being a ‘jack of all trades and master of none’! Ultimately, this can lead to never getting things done. And, while we all love to create or grab opportunities when we can, you also need to consider whether these new ideas are the right fit to build a successful business.
2. Have you chosen the wrong business model?
- Do you know who is your target customers?
- Who are your main competitors?
- What is the USP of your business?
- What are your distribution channels?
With such a wide range of business models to pick from, choosing the wrong one can be an easy mistake to make. Essentially, your business model shouldn’t just be based upon maximising income, but rather what is best for your clients. Knowing your customers’ needs and how to meet their expectations is vital to understanding how your business model will succeed. Remember that, just because everyone else is doing something, doesn’t mean you have to concentrate on the same strategies too. Therefore, focus on what makes your business unique and hone in on the skills that you excel at, and value yourself for, in order to improve business growth.
3. Do you treat your business like a hobby?
- Are you flexible enough to work unpredictable hours?
- Does your business have its unique branding?
- Have you built up an online presence through a website and social media?
- Are you investing in your business to boost sales?
When you take your business seriously, then so will everyone else! However, many small business owners tend to fall into the trap of approaching their business set-up as if it is a side hustle. Maybe this is because the business idea is based on something they love and has been developed from a hobby. Embracing and improving business growth involves changing your mindset from making money from a hobby in your spare time to devoting professionalism to generate a healthy income. This will involve making a serious commitment to achieving your business’ goals and meeting your customers’ needs.
4. Do you have barriers to making business goals?
- Have you set out realistic goals in a business plan?
- Can your goals be broken down into actionable steps?
- Are the goals based on real customer data from your research?
- Do you know where you want your business to be in 5/10 years?
A common mistake first-time self-employed people make is not setting out or following business goals. Without knowing your ‘business why’ and making objectives clear and actionable, it’s likely your business will fail. You need to inform yourself and set goals about your competitors, market strategies, resources and making realistic decisions. If you’re not clear about achieving business or financial goals, then how can you know what your customers want? Therefore, it’s important you have specific objectives of where you are currently, where you want to be and what strategies you need improve business growth.
5. Do you lack confidence to build a successful business?
- Is self doubt preventing you from doing what you want?
- Are you spending more time planning than doing?
- Do you know your own strengths and weaknesses?
- Are you flexible with a focused vision for your business?
It’s completely normal to have self doubt when first setting up your new business. However, running one involves taking risks, so if you’re standing in the way of your own success, then you need to bite the bullet and take your business to the next level. Don’t be scared of making mistakes and failing in some aspect of building your business; any entrepreneur will tell you that’s part of the natural process. Similarly, don’t worry about what other people think, and don’t let them stop you from achieving your dreams!
Don’t forget to bookmark this page so you give yourself time to reflect on your answers to help you determine where you currently are with building a successful business.
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