If you are a small business owner or plan to have one then there is no doubt that you will spend countless hours promoting and marketing it until it has reached the stage you want it to. It might take you a year or maybe 5 years to reach that stage. Then what? Your business might be in a stable position but is it growing?
Here are some top reasons why businesses stagnate after a certain point:
You are not in touch with current customers
For any business big or small, having a steady flow of customers is crucial. When you let things go, you risk losing out on new leads and sales but also your current crop of clients. It’s important to stay abreast of the latest developments in your industry. Connect with your current base and ask what services they would like and how you can refine your existing business model to better suit their needs.
You are multitasking
As a small business owner, you probably have multiple roles to handle. You might be creating the content, marketing it, and handling the accounts. Whilst there is nothing wrong with this, it can get a bit overwhelming in the long run. You have to prioritise and do projects which give you the most value. As your business grows, its important to delegate tasks to other members of your team (if you have one). When you have more time, you focus better and get things done more effectively.
Not standing out
Having a business is hard work and having a successful one is even harder. It’s important to stand out in the sea of competition. You have to come up with a business model that is unique and does something different from everyone else in your field. If you don’t have a target audience, try and set one and work towards engaging with them to build more sales. When you have a unique product or service and a niche audience all mapped out, you are well on your way to acquiring more sales.
Almost every small business owner fears no sales so they lower their prices. This only works if your services are the alternative to your competition due to the price. However, it’s important to know that your client can easily find another business with an even lower price point. The best way to tackle this is to offer more value to a product or service as opposed to the lowest price. When a client values your talent and skill, they will be prepared to pay any price you ask them.
Skimping on Marketing
You may be the best interior designer on the planet or be a pro at baking but no one will know unless you market these skills. Invest in some professional marketing (where applicable) and really get the word out there. Hire a copywriter to write some promotional material, get a logo and website designed and get some high-quality photographs to promote your product or service. You’ll be surprised at how much difference these changes can make.