Business is all about money. Sure, you may have chosen your business on that thing you had a passion for, but the aim was always to turn your passion into a viable business that would earn you money. It’s pretty simple. That’s why you are finding your sudden lack of growth so infuriating. You kind of expected it to be hard at first, which made the battle for survival somewhat easier to manage. But after five years of year on year growth, to suddenly come face to face with what seems to be a hole in your hull and you can’t help but feel your ship is sinking.
It’s okay. This happens to more businesses than you can possibly know. It is almost a part of a business’ natural evolution. Of course, that is going to help ease the angst you are feeling, which is why we have come up with a list of commonly-cited variables that are known to put the business brakes on without your realising.
Focus On You, Not The Competition
It makes total sense for you, as a business leader, to know exactly what the thought leaders in your industry are up to; what strategies and branding and tactics they are using. That’s extremely intelligent business. What is not intelligent, however, is copying them. Not only could this see you left behind but it could also see you try and attempt to use approaches you aren’t equipped for, which could see you ruin your business. As such, you want to know what movements are being made, but you want to tailor them to you and focus on how you can become the trend setter instead. Do this and growth will follow.
Over Investment In Technology
It is such an easy trap to fall into. That’s because we all want to have the latest and greatest tech knowing that it will improve our business operations and increase our productivity. However, more and more businesses are failing to grow for the simple fact their capital is being too heavily invested in technology. That is why we suggest you start picking the brains of an IT consulting company, someone that will be able to take the tricky decision-making process out of your hands because it is tricky. You want the best technology to help you succeed without ploughing too much into tech that will make approximately zero difference and that requires having a professional assess your situation as well as your goals. Only then will growth be possible.
Sucked In By Social Media
Everyone has been sucked in by the hype around social media. Not just in a business sense but on a personal level too. This obsession could be hurting your growth, though. We’re not saying you need to scrap social media marketing from your strategy or anything, not by any means; it is should be an absolute priority for your business. You just need to reassess how you use it within your strategy. You need to be coherent in how you use this platform otherwise you will see your investment get swallowed up and lost with barely any return to show for it. As such, look at your data and work out exactly how you can maximise the way you use it. Look at when people respond best, what they are responding too and any other variables you believe may be having an impact. Social media can boost growth, it just needs you to be more understanding of it.