For every
business failure, there are causes. Most often, big and small businesses, experience slow
growth, no growth, or slow or rapid decline. You might think you had it all figured out – you did the necessary marketing, hired the best team, had a strong
business plan – yet your
business growth is still static.
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This article examines the factors responsible for poor growth in your business.
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You Or Your Staff Are Either Unqualified/Untrained/Undereducated
As a businessperson, if you or your employees are unqualified, ill-trained or undereducated it’s bound to affect your business growth negatively. It affects planning, strategy, and decision-making. If you or your team are not continually educating and improving yourselves, so as to stay in touch with trends and the newest business practices, your business will be grounded.
The best way to address this issue is to get qualified and experienced people on your team or get experts to train your team or get your team to take series of refreshing courses in business growth. There are a lot of online business schools that can help. Udemy and the University of the People is a good place to start. Accredited universities have online provisions, too.
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Focused Only On Big Sales/Clients
It’s a normal business phenomenon that big sales and big clients are boosters to business growth. However, big clients and big sales don’t always come to patronize regularly. Big businesses thrive on massive sales which are found among clients of lower cadres or classes. One of the biggest mistakes businesspersons make is to ignore smaller clients or new clients. Learn to explore shape your business to meet the needs of both big and small. None is to be ignored.
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Bogus, Complex And Vague Business Ideas
Your business is not growing because you lack a clear cut-out business idea. You think too big that you’re lost in it. Often your vague idea is the reason why you’re confused. Stick to one good business idea, shove the rest into the archives, only to be resorted to when you’ve made something tangible out of the one you’ve chosen.
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No Specific Goals
Another factor responsible for why your business is not growing is because you’re getting your hands on everything. Secondly, you’ve no vision board for your business, you work without an objective and mission. You simply just want to buy and sell, and it affects your business psyche and that of your employees. There’s the possibility of laxity since there’s no set target.
Create a plan for the business, dissect them into short, mid and long term goals. Have specific deadlines for reaching your business goals. Ensure everyone’s responsibility is tied towards achieving the goals.
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Failing To Repeat Business
Businesspersons fail to repeat successes. They’re in a hurry to try new strategies, rather than capitalizing on old successful strategies. Rather than looking for new markets or clients, take hold of old markets or clients and repeatedly keep in touch and keep servicing and renewing your old base. Keep existing markets alive and old clients happy so that they can stay.
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Focusing On The Wrong Audience
The reason your business is not growing is that you’re not selling to the right people. You’re putting your product before the wrong audience. For example, you’re dealing with baby products, but the majority of your audience on your social media channels are unmarried and nonworking population, you’re bound to hit the rocks in your sales. Go out there, reach out to nursing mothers, online or offline. If you need to declutter your contacts and put up potential customers contact do so.
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