You’ve been at this business game for some time now. You have a modest but fiercely loyal clientele based from the products or service you provide. The employees that you’ve hired are properly trained, rewarded and incentivized. But what about those factors that can hinder business growth. You know that while sustainable growth can be kickstarted, it cannot be rushed. Yet, despite your best efforts, while your operations are profit margins are stable, your business is not growing at the projected rate. Here are some reasons why…
Caps On Productivity
Your productivity and that of your employees obviously goes hand in hand with business growth. While you may be concentrating massive efforts into marketing campaigns and social media, there may be caps on your business’ productivity. This creates a drain on your enterprise’s ability to match supply to the increased demand. It’s worth scheduling a meeting with your Managed IT Services to ensure that your current infrastructure is conducive to optimum productivity. When any potential barriers to productivity are removed, you may notice an exponential growth.
Market Dynamics
Most entrepreneurs understand the value of market research. However, while many are good when it comes to developing their business and raising the requisite funds, fewer keep on top of their market research. This data is used to determine the dynamics of the market. If you’re wondering why your business does not experience growth, failing to do your research may be the reason. A good way to encourage growth by using your existing customer base. Encourage and incentivize them into referring new customers to your business.
Fierce Competition
While there is still interest in the products and services you offer, your competitors are siphoning away customers that could be yours. The good news for you is that customers are fickle creatures and can be extremely flexible when it comes to brand loyalty. But you don’t need to compromise your delicate profit margins by undercutting the competition on price. You simply need to offer them better value for their money than your competitors. If you can prove that you offer a better standard of product or service than your competitors there’s a good chance that those loyal to them will give you a shot. This is why competitor analysis is an important discipline which should be an ongoing part of your operation.
When you’ve identified and removed the barriers to growth, the only person who’s able to determine your success or failure is you.
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