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Entrepreneurs that start new businesses have every expectation that their enterprises will both survive and grow into large companies. However, the reality of it all is that only applies to a percentage of startups.
Some people find that their business growth is at a snail’s pace. Those folks might tell themselves that ‘slow and steady wins the race’ but that’s not always true. There’s a real danger they could end up going out of business.
You’re likely reading this article because you’re worried that your business isn’t growing at a rate you’d expected. But, you’re not entirely sure why progress is so slow. Here are some of the most common reasons for slow business growth (and how to fix them):
Lack of investment
Let’s say that you run a business restoring and refurbishing mechanical parts. You’re good at what you do, and your stock never hangs around for long before someone buys it. But if that’s the case, why is your business growth so slow?
Arguably the top reason for such issues is purely down to lack of investment. For example, your air compressor is only suitable for inflating car tyres. Instead, you need an industrial model with a strong compressor pump for efficient sandblasting purposes.
If you’re serious about your business, you need to invest in the right tools for the job. Yes, that means spending a lot of money on various components, materials, and equipment. But, it also means a much speedier return on your investment.
Lack of marketing
Have you ever heard of the saying, “build it, and they will come”? Applying that to starting a business is seldom a good idea. When you launch a new brand, product, or service, how are your potential customers going to know about it?
There are millions of articles online that describe why marketing is a necessity for any business. If you do little to no promotion, you can’t expect people to magically buy your goods and services!
Lack of space
Let’s assume that you’ve invested in the tools, materials, and equipment you need to provide a professional service. And let’s also say that you’ve spent a lot of time and money on marketing with great results.
Sometimes, the trouble with a business’s stunted growth is down to physical space. You might have reached the stage where you cannot physically have any more employees in your office. Or there’s no more room to store stock and equipment.
Moving to bigger premises is the obvious answer to that problem. And while that means you’ll probably pay more money for your lease, the upshot is your profits will increase.
Refusing to evolve
One final point is to do with business evolution. Life changes around us all the time. If any business is to survive, it needs to evolve with the changing world around it. Otherwise, a firm that’s stuck in its ways will often pay the ultimate price.
Change is a good thing because it means there are plenty of new opportunities to gain extra revenue. Don’t be afraid of change: evolve with it and enjoy the ride!