Is your business experiencing a lack of growth and low profits? Do you know the cause? Could it be the marketplace or maybe your current mind-set?
When being called in to help businesses, often the owner or Directors believe their main reason for lack of business growth is ‘the recession’, ‘the internet’, ‘staff not performing’ or sometimes they might say ‘the markets difficult at the moment’. Of course, all of these can play a part, but more often there are other issues that have far more impact but they are failing to recognise them. Are you in a positive mindset to grow your business or could any of these apply to you?
1. Stuck in a rut
They have been doing the same thing for years which once worked, perhaps very well, but now the market has changed and customers are demanding something different. They might know deep down.
2. Insular thinking
They are focused entirely on their own business and usually working very hard so don’t take a look at what their competitors are doing. They can become completely unaware of what customers want or demand. They also don’t communicate with staff often or at all, so they then don’t understand fully how to do their bit to push the business forward.
3. Closed ears
Their customers are actually telling them want they want but they don’t listen. They might even say straight away ‘there is no demand for this’ and don’t take just 5 minutes to consider it further, when it was just indicated by a potential customer that there might just be a demand. Their staff might also make suggestions that are dismissed without further investigation.
4. Out of touch
They think they know how to market their business and are proud of all the brochures and the new website they have produced, but have totally lost touch with their consumers and the market. They have spent a lot of money, but because it’s not targeted correctly or the design is out of date, it’s money down the drain. They may also be pricing their product or service wrong for their market, perhaps worried about putting up their prices and losing customers.
5. Wrong place
Sometimes with retail for example, it could be the business was set up in the wrong place. It could be the wrong location for your type of product or the footfall is low. This is about lack of research in the first place. Occasionally it could be that a new centre or rival business has opened which require new strategies but no action has been taken to try to alleviate this.
6. No Plan for Growth
They have not taken time to budget or plan activities and strategies for the year so they make no progress. You need targets, not just financial ones, to measure progress and regular reviews to know how the business is performing. Also, you may need to invest in new systems and usually training to push the business forward into growth.
All businesses of any size need regular reviews and fresh thinking and if you have been running your own business for a while it is easy to get stuck in a rut or lose momentum without realising it. You won’t be unique in this. Most of these issues can be seen quickly by a fresh pair of eyes from outside the business and experienced business advisors can often see ways to make an almost instant impact on customer perception and growth.
With consistent advice and targets to act upon a poor growth or ailing business can be turned around and fresh enthusiasm injected into the business
Please contact us via the form below if you would like a no obligation call or meeting to discuss how we can help your business grow.