Business growth is essential to remain relevant and profitable, and according to some business experts, a business should grow between 15% and 45% year-on-year. While there are exceptions depending on the industry, there are certain parameters that are shared across the board, in terms of what makes a business successful. If you’re not achieving your goals, you may want to consider a review of the various sections in the business to determine where there are inefficiencies. Inefficient Workflow Practices
There are a number of things that can slow down business growth. At the top of the list is the time it takes for service or product delivery. Workflow automation can have a positive impact on the business as well as creating proper, more efficient processes. Start with the first point of contact with the customer, and work through each touchpoint in the business to find out where the delays take place, or whether there are smarter or faster ways to do things. For instance, manual forms and processes could be replaced with software that helps speed up the process.
Your Personal Position Is Affecting Growth
Cash flow is an important part of growth for a business, and this means keeping drawings as low as possible. When a business owner’s needs expand beyond what is available in the business, it can drain the cash reserves of the business. According to experts at Microcredit Summit Campaign, one option is to look at consolidation loans. Simplifying personal finances in order to take some of the pressure of the business can have a positive effect on the cash flow. It’s also important for business owners to take care of their personal financial position and keep it squeaky clean, as financial institutions and investors often do their due diligence on the owners and the business. They want to know that the people behind the business won’t drain the finances to better their personal position or repeat personal financial mistakes in the business. In order for your business to grow, you need to grow along with it.
Your Business Isn’t An Obvious First Choice
While it might sting to know this, your customers might prefer your competitor over you. Whether you’re the best-priced, offer the best after-sales service, or even just have a better-looking product, it’s time to take an honest look at your offering.
You need to start looking for reasons why you would be a first choice, which includes all the important markers for good sales, including convenience, price point, and total sales experience.
Business growth is not only a nice-to-have, but it’s also essential to ensure the longevity of the business. Certain factors directly affect the growth of a business, such as unidentifiable product or service offering, personal position, and inefficient workflow.