Business growth is essential to remain relevant and
profitable, and according to some business experts, a business should grow between 15% and 45% year-on-year. While there are exceptions depending on
the industry, there are certain parameters that are shared across the board, in
terms of what makes a business successful. If you’re not achieving your goals,
you may want to consider a review of the various sections in the business
to determine where there are inefficiencies.
Inefficient Workflow Practices
There are a number of things that can slow down business
growth. At the top of the list is the time it takes for service or product
delivery. Workflow automation can have a positive impact on the business as well as creating proper, more
efficient processes. Start with the first point of contact with the customer,
and work through each touchpoint in the business to find out where the delays
take place, or whether there are smarter or faster ways to do things. For
instance, manual forms and processes could be replaced with software that helps
speed up the process.
Your Personal Position Is Affecting Growth
Cash flow is an important part of growth for a business, and
this means keeping drawings as low as possible. When a business owner’s needs
expand beyond what is available in the business, it can drain the cash reserves
of the business. According to experts atMicrocredit Summit Campaign, one option is to look at consolidation loans. Simplifying
personal finances in order to take some of the pressure of the business can
have a positive effect on the cash flow. It’s also important for business
owners to take care of their personal financial position and keep it squeaky
clean, as financial institutions and investors often do their due diligence on
the owners and the business. They want to know that the people behind the
business won’t drain the finances to better their personal position or repeat
personal financial mistakes in the business. In order for your business to
grow, you need to grow along with it.
Your Business Isn’t An Obvious First Choice
While it might sting to know this, your customers might
prefer your competitor over you. Whether you’re the best-priced, offer the best
after-sales service, or even just have a better-looking product, it’s time to
take an honest look at your offering.
- If
you’re not the best in the market, why would consumers choose you over the
best in the market?
- If
you’re the cheapest in the market, can your product compete?
- If
you’re not the best nor the cheapest, but somewhere in the middle, why are
you still an option?
You need to start looking for reasons why you would be a
first choice, which includes all the important markers for good sales, including convenience, price point, and total sales
experience.
Business growth is not only a nice-to-have, but it’s also
essential to ensure the longevity of the business. Certain factors directly
affect the growth of a business, such as unidentifiable product or service
offering, personal position, and inefficient workflow.
