Does it feel like your small business success is stagnant? If so, you might be holding your business back in some ways that are easy to fix.
After first starting a small business and experiencing being propelled toward success, a sudden period of slow-growth can be upsetting. Rather than dwelling on this underwhelming period, take some action toward getting back on track toward success. Reconsider these four factors that might be prohibiting your small business’ progress.
Unwillingness to Change
After working so hard to build a successful business, it is no wonder that some entrepreneurs fear trying anything new. The sage, old phrase goes, “if it isn’t broken, don’t fix it,” but should that advice always stand for your small business? When your company is experiencing slow-growth, it is best to begin brainstorming new ideas or methods to guide your business back toward progression.
Lull in Creativity
Speaking of brainstorming, you might be holding your small business back if you and your employees don’t have enough time to think creatively. Read this blog if you want some more tips for boosting your company’s creativity, but know that the way toward progress is coming up with new, innovative ideas. Creativity will help your small business try new things that’ll help you move past any stagnation.
Lacking Technology Innovation
Technology is constantly changing. Some products you can skip out or wait on, like the next new model of your cell phone, which the only updated feature is a couple extra megapixels for the camera. Other updates, such as software updates or better services, could be much more beneficial for your everyday business processes. Whether it’s accounting software, like Xero, or bookkeeping apps, like Receipt Bank, it is important to determine which technological trends could be an asset to your small business.
Failure to Reach Your Base
With technology’s continual advancements, not only is it important to implement new, better tech into your small business practices, but you should also look into how it can help you better reach your customer base. For example, if your customer base is shifting to be online more, your business should consider it as well. Try utilizing social media more to advertise your business rather than relying on billboard or radio advertisements. If your customer base prefers to correspond online rather than in-person, attempt taking on services like Zoom or Slack to communicate. The little pivots that address your customer’s needs matter a lot when it comes to having a successful small business.
Beginning to build a great small business is challenging, and sometimes experiencing a low-point could be even more distressing.
Although it isn’t always the case, sometimes small business owners hold themselves back by being unwilling to try new things, failing to foster creativity, lacking technological innovations, and failing to reach your client base. Try avoiding these pitfalls in order to boost the success of your small business. If you need actionable guidance to get out of these pitfalls, contact us.