For most entrepreneurs, the goal is to grow their businesses and shoot for the stars. The bigger a company becomes, the more units it can sell, and the greater the returns to the owner.
Businesses, however, don’t always grow as fast as you’d like. Sometimes you’re doing something that’s holding you back.
In this post, therefore, we take a look at some of the stoppers that are getting in the way and how to push past them. Read on to find out more.
You’re Scraping the Barrel
Many new businesses believe that the only way to get customers is to offer bargain basement prices on all their goods and services. They think that they must undercut their rivals in order to make a profit.
But scraping the barrel is generally a bad idea. While it might generate some business in the short term, it makes it almost impossible to expand. You don’t have enough money left over at the end of the year to open new premises or invest in new product development. Hence, your business stagnates.
If you’re in this position, stop focusing on price and start focusing on value. Think about how you can make your customers happy to pay more while keeping your prices as low as possible.
You’re Not Marketing Enough
These days, practically all tech startups use a PR firm. But what is a technology public relations firm? Essentially, it’s a company that helps brands supercharge their existing marketing efforts. Instead of just paying endless royalties to advertising platforms, these entities build close personal relationships with media outlets to help amplify branding.
Unfortunately, a lot of small companies don’t know that these options exist. They think that the only way to gain traction is to pay enormous sums of money to marketing agencies. So, again, they start cutting into their finances, leaving less leftover to grow later.
Your Branding Is Way off the Mark
Fast-growing companies tend to have wonderful branding. Tik Tok is a great example. The social network came out of nowhere to achieve impressive market domination in just a few short months.
But if your branding sucks, you won’t make progress. Low quality logos, poorly conceived themes and annoying catch phrases are among the biggest turnoffs for consumers.
To correct this issue, rethink your brand. Consider whether you can take what you have now and enhance it considerably. On many occasions, you’ll be able to do just this. Your brand will look completely different to people observing it for the first time. And many will use that as a reason to start buying your products and services.
If you have a dated website, change it. Also, adjust your customer voice to make it more relevant to your clients. Don’t stick with industry best practices that were in fashion twenty years ago. They probably don’t work today.
You Are Hanging Around the Wrong People
Who we associate with in life typically determines our level of personal and professional success. If we hang around people who are going nowhere and engaging in destructive behaviors, we are more likely to do the same. However, if we spend time with ambitious, successful and well-adjusted people, we are likely to do much better for ourselves.
It pays to be selective in who you spend time with. You want people around you who are willing to push you and stretch you so that you make the most of your talents. Avoiding what you can’t do is no shame. But failing to do what you can do is a tragic life.
You’re Too Comfortable
Have you ever noticed that your progress in life seems to come to a halt when you feel too comfortable?
If so, you’re not alone. Many people decide to settle for the life that they have now instead of striving for the things that could give them a fabulous life in the future.
For instance, some businesses remain small because the owner doesn’t want to pursue expansion, even if they could make more money. That’s a shame because it limits what you can do with your life. The more wealth you have, the more freedom you can attain.
You’re Not Getting Enough Referrals
Referral business is arguably your most critical source of income. You want your customers to do your marketing for you.
Gaining referral traffic though can be challenging if your product isn’t up to the market. People will be unwilling to recommend you to their friends if they think that you offer a bad customer experience. Be critical of your products and services and try to get feedback so that you can make improvements.