5 Terrible Ways You’re Sabotaging Your Business Growth
Did you know? You could be sabotaging your business growth without knowing it. Yes, it can happen without your knowledge. The excitement of starting a new business as an entrepreneur can be overpowering, with some daunting experiences.
The terrifying adventure can prevent you from making the right decisions that would improve your business growth. In this situation, taking business risks becomes difficult because self-doubt has overwhelmed you.
That is why this article is timely for you. Hence, in this article, you will discover four ways you’re sabotaging your business growth.
1. Not Having a Business Plan to Accelerate Growth
Let’s face it; even before you embark on a journey, you must plan how to go about it to ensure a successful trip back home. Similarly, you should have a plan for your business before you get started.
However, when the excitement is high, you may jump right in without a sustainable business plan. So let me ask you:
What did sailors use to navigate the sea? In the past, they used a compass. This instrument enables them to
determine their position and verify the speed and direction to arrive at the point of destination. But today, sailors may have more sophisticated chips that make navigation a lot easier.
In any case, your business plan is like a compass or chip that’d guide your business undertakings to success.
It should include how and when you invest money. Moreover, starting a company is not all about work; you also must allocate time for other vital matters. So you need to create a plan that highlights your priorities to help you have a focus, run your business smoothly, and achieve both short-term and long-term goals.
What to Include In Your Business Plan
Although there are different types of business plans, we are focusing on the growing segment. Therefore, your business plan should include the following elements:
- Your business outline
- Operational plan
- Market analysis
- Key Performance Indicators (KPIs)
- Products and services
- Sales and marketing
- Competitive analysis
- Finance and projections
These components will help you understand the full scope of the company's projects and in maintaining your focus, evaluate success, and meet deadlines. Developing a plan for your business will make you evaluate and analyze marketing ethics that can help you create a viable marketing strategy. This approach is an incredible way to grow your business dramatically.
2. You're Not Listening to Customers
Several companies in the USA, for example, have executed this unfruitful advertising campaigns. In fact, a survey reveals they spend billions of dollars annually on ads that don’t connect with the customer. When consumers are not connecting with your marketing strategy, it is logical to say that the ad campaigns were a flop.
Now you may be wondering; why did those mega brands fail with their advertising campaigns? They did not listen to their customers. Consumers were disconnected in the products they were advertising, but the marketing teams didn't realize it.
So how can you avoid such costly mistakes? By listening to your buyer persona. How? Engage with them on social media and other marketing channels, including your blog.
Determine what they're saying about your brand. Ask what they think about your product or services. Note that as time changes, so does their needs and wants. Therefore, conduct surveys on different social sites where your target market is hanging out to understand current needs better.
These activities will help you serve them better and increase your business growth.
3. You're Not Investing In Your Business
Starting a business is like solving one part of the puzzle. Growing that adventure into a viable company is another puzzle to tackle. For your business efforts to work for you, you should invest in it. That's why they say, "money makes money to grow." Some are afraid of investing in their business. Investing is a remarkable way to sustain your adventure long-term. For instance, in this age of digital marketing, you cannot rely solely on the workforce to scale your business. However, if you have to, you'll still invest by making sure they get paid weekly or monthly.
But some marketers would not want to employ the services of others or outsource work because you want to do it all alone.
Mind you; outsourcing accounts for the significant growth of several businesses. When you outsource projects, it helps increase productivity and growth, and also allows you to focus on what matters most.
Moreover, the digital marketing space requires you to invest in marketing software, such as automation tools to help streamline your work. It makes it possible for your business to continue making money while you sleep. So look for areas to make smart investment choices that will help you grow your business fast.
4. You Don’t Have an Appealing Customer Support System (CSS)
The primary goal of every company is to attract more customers to the business. More buyers coming to your enterprise would translate to increased sales and additional revenue. Although not all who visit your business would buy your products or pay for your services, the more customers you have will boost your chances of making extra sales.
However, after the first buy, to get buyers back to make more purchases can be tricky. But notice that loyal consumers are people who will always come back to patronize your business. They’re satisfied with your offerings, which includes how well your customer service team treats them.
Did you know? Some of your target markets would keep buying from you mainly because you have a fantastic customer support system. It means that if you don’t have it, you are sabotaging your business growth - you’ll lose your customers to your competitors.
You can create a team of customer service personnel to handle that area of your business. Their job would be to offer outstanding customer service to consumers and potential buyers. It is a crucial part of your company that tackles the needs of shoppers - thereby establishing relationships through emotional connections.
This marketing strategy will enable you to:
- Gain a competitive advantage
- Build long-term business bonds
- Attract repeat buyer
- Make more sales
In some cases, you may not have a physical company or the budget to hire a team or staff for that purpose. No worries. You can offer customer support through social media, email marketing, and other marketing channels by responding to their queries and providing help.
5. You’re Not Paying Attention to Essential Business Numbers
Yes, many business owners are not looking into vital numbers of their businesses. The numbers are significant because they reveal the strengths and weaknesses of your business. They also show the performance trends, break-even points, and other essential measurables that are critical to your business growth.
Some useful numbers to pay close attention to are:
- Cash flow
- Expenses (payroll, goods & services, other costs)
- Return on investment (ROI).
For instance, analyzing numbers such as break-even point is essential to your business because it lets you understand the actual expenditure and actions to take to contain the cost as well as make gains.
Some marketers do not know how much they’re spending to keep their business running. That is why you should NOT ignore these numbers. However, if you do not understand financial statements, hire a professional to help you.
In today's business environment, several enterprises are competing for customer attention. Analyzing your company's undertakings to see which areas are sabotaging business growth is vital. It will help you make the right decision that will improve your business.
Hence, focus on what would make your business stand out. Here’s a recap of what could be sabotaging your business:
- Not having a business plan
- Not listen to customers
- You’re not investing in your business
- You don’t offer excellent customer service
- You’re not paying attention to important business numbers
What else could be sabotaging your business growth? Please, tell us!