Top Reasons Why Small Businesses Stay Small
Have you achieved what you thought you would, when you first started your business? If your business has stalled and isn’t headed for growth, you may be fighting one or more of these major hindrances to business growth. See if you recognize what’s holding you back and resolve to step forward and take your business higher. Are you (and your business) suffering from:
The Wallflower Effect
Do you think it’s unseemly or impolite to “toot your own horn”? You must get comfortable with this to grow your business. If you’re a one-person business right now, you need to be outgoing to create word of mouth and bring in new business. Later on, being an evangelist for your business or product will inspire your future employees to give their all. Join the local Chamber of Commerce, participate in your community, talk to people in the grocery store line. Make promoting your business part of your everyday life.
Undervaluing Your Services
In line with being too modest, undervaluing your services/products is dangerous for your business. Your years of experience in your field make fee increases perfectly acceptable and smart. Calculate the profit you would be bringing in at a higher price point and let it motivate you.
The Forest vs. Trees Problem
Do you get so caught up in the day-to-day operations of your business that you haven’t made a long-term future plan? Stand back, delegate, and take time to create a roadmap and a vision for the future goals and development of your business. Dream about what your business could be in a year, 5 years, 10 years, and write down your goals. Then break the goals up into smaller steps to achieve each milestone. Now you have a path to follow and can measure your progress.
You can’t do everything yourself, if your business is going to grow. You’re the big picture person, so fight any control freak tendencies. Concentrate only on tasks that will get you to your bigger goal. Hire support people who are experts in their fields, such as marketing, accounting, sales, etc. Freed of minute tasks, you can lead and pursue your carefully created big-picture roadmap.
Timidity or Recklessness
You need a “happy medium” of daring to survive and grow in business. If fear of taking a risk is holding you back from trying something new in your business–you won’t make much progress. If you’re constantly riding on the edge, taking too much of a gamble with your business, (making too many changes, too fast)–you could lose what you’ve worked for. Go back to your roadmap for guidance.
All to often business owners find themselves struggling to pay the bills as a their business expands. They also find themselves struggling to the quick financing they need to cover the cost of their operations. This can happen when a business owner either waits until they’re in crisis to apply for financing, or they don’t meet the requirements traditional banks have in place. There are a couple things business owners can do to avoid cash flow issues during business expansion. One is to be proactive instead of reactive. Review your finances often to look for warning signs of a potential slow cash flow time period. Another solution is to consider alternative financing solutions from Clear Capital Group.
We provide funding solutions for small and mid-size businesses who are looking to manage their financial goals more effectively. Contact us to learn more today!