Owning your own business can be one of the most rewarding journeys you ever start and most people would agree that they want to make a difference- they want to leave behind a legacy. Unfortunately, sometimes your business growth plateaus somewhere between start-up and profit.
There is little that is more frustrating than working like crazy and not getting out what you are putting into your business. It’s important to understand that it’s common to invest in the beginning- but eventually, you want to see a return. You want to see your business grow.
Sometimes, despite your best efforts, you may find that you experience sluggish or stunted growth. Below, we’ll explore some of the most common reasons you are not seeing your business grow.
Why Are You Not Growing?
Below, we’re going to explore 7 of the reasons you’re not seeing business growth.
You have no goals
According to the experts, one of the most significant predictors of business growth and success is the entrepreneurs’ goals (or lack thereof). It has little to do with the industry, the size of the business, or the length of time you have been in business. Therefore, if you are not seeing growth, one of the first things you need to ask yourself is this: What are my goals for growth?”
You don’t have a business strategy
If you don’t have a business strategy in place, you’re putting yourself in a “fire, aim, ready” situation. This is where you start firing in hopes that somehow the business will be successful. Your approach to growing your business is just as important as your goals for growth. In addition, a good business strategy will help you find opportunities that are ripe for the picking for you and your business.
You’re trying to grow alone
Believe it or not, there is nothing that can grow in a vacuum. If you are not interacting with like-minded entrepreneurs, your growth is being stifled in a variety of ways. You will have diluted self-confidence, you will lose your creativity, and you will experience blind spots.
There is a lot of value to making better decisions regarding business growth as part of the community for emerging/growing entrepreneurs.
You ignore good advice
If you’re like most business owners, you are likely quite protective about how you run your business. However, if you do seek out advice and you ignore that advice- you stay stuck. You don’t grow.
You keep doing the same thing
The definition of insanity is doing the same thing over and over and expecting something different to happen. If what you are doing has you stuck and not growing, you will experience growth if you change your direction.
You are pinching pennies
While there’s nothing wrong with saving a few dollars here and there, you don’t want to let your frugality get the best of you. All entrepreneurs understand the meaning of “bootstrapping”, but don’t hire cheap and inexperienced vendors in an effort to save money. This will actually end up costing you more in the long run.
You’re trying to do everything yourself
When you’re first starting out, it’s common to do it all yourself. However, this is definitely not a good long-term strategy. At some point, it will impede your ability to grow your business. Of course, when you add members to your team, make sure they add to your business instead of taking away from it.
Trust Orcutt & Co
Owning your own business is one of the most rewarding things you can do. Unfortunately, at some point, most businesses experience slowed or stunted growth. There is nothing that is more upsetting than working yourself crazy and getting nowhere. In this article, we explored 7 of the most common reasons why your business is not experiencing growth. If any of these apply to you, make some changes and see what happens.
In the meantime, outsource your accounting tasks so that you can focus on growing your business. If you are located in Cincinnati, Orcutt & Co. would love to take care of your tax planning, payroll, bookkeeping, and monthly accounting tasks.