The Top 10 Reasons Why Your Business is Not Growing

 

You thought you had everything in order: a solid business proposal, an excellent customer source, and a great team, but your situation remains the same year after year. Why isn't your company's revenue increasing? There could be several factors at work that arise preventing your company from reaching its full potential.

However, if your company is not getting bigger, there are probably things you can do to change that and get your business making progress. Here are a few reasons why your company may not be expanding and how to remedy the situation. This article will help you in business valuations so that you can focus on essential aspects.

Our company is not growing because you have stopped growing.

Your business is a reflection of your decisions, which are based on what you know. So, for your business to develop, you must also grow. After all, you can't provide your company with the knowledge that you don't have. Examine the books for business valuation. Study those who have accomplished what you want to accomplish. Seek professional assistance. Grow. Then watch your company grow.

 Your company isn't expanding because you're selling on price.

This only works if you are the cheapest option, which you are not. In seconds, your prospective customers can use Google to find a lower-cost alternative. Only one provider can be the lowest priced, and it changes on a daily, if not hourly, basis as desperate business owners’ price-cut to order to attract sales. It takes a lot of planning and a solid strategy to sell based on becoming the lowest-priced and still making a good profit. Some major brands succeed on razor-thin margins, but it's a risky strategy.

Generally, smaller companies are only priced competitively on being low priced, since it is convenient to reduce prices or service charges. Simply undercutting your competitors requires very little effort and minimal inventiveness. This is referred to as the race to the bottom. 

You are depriving your company of the marketing it requires.

Nobody will know how good your company is unless you market it properly. Unfortunately, it is a fact that an average business that is properly marketed will always outperform a fantastic business that has inefficient marketing. This is why some bad businesses reap rewards while some good small businesses are struggling. By depriving your company of professional marketing, you are relying on novice marketing. This makes no sense because it is both more costly and far less effective than seeking professional assistance.

 Our company isn't expanding because your marketing sounds awful.

Yes, people would hire you if they knew how good you were. However, when they attach with you for the first time, all they have to go on is what they see. That is why your image is so important. Most entrepreneurs hide behind cheesy logos, shoddy websites, and amateurish social media accounts. If you want prospective customers to regard you as a specialist, you must dress the part.

No matter what assurances you make, what first-hand accounts you provide, or what promises you offer, no one will pay attention if your image appears to be a do-it-yourself project. So, at the very least, invest in a highly qualified logo for your company and some reasonable photography for your social media accounts. A beginner (or dated) logo and photograph will tarnish your reputation and cost you a fortune. The same is true for a sloppy or out-of-date website.

Your company isn't growing because you've hidden it.

This is one of the most basic problems that small business owners make. There are very few smaller companies that stand out. Maybe one in every 10,000. Rather than, they choose the phony security of looking like their contenders. This is why, when we look at suppliers in any industry, they all seem so similar. No one would notice if you switched them. Do something exceptional if you want to stand out. Something extraordinary. Something distinctively beneficial. Seek a new service that your rivals do not offer. Create a new price structure.

 Just don't be like everyone else if you want to stand out. 

 You're associating with the wrong people.

It is critical in business to cultivate strong relationships with powerful individuals. This is the complete antithesis of what most small business owners do. Instead, they look for numbers in the most unlikely places.

Consider this: we've all met business owners who struggle to find new clients despite being members of a community group and having hundreds, if not thousands, of Linkedin contacts. The most successful business owners take the inverse strategy of business valuation. We strongly advise you to do the same. It looks like this: They intentionally target the most prominent figures in their market and devise a strategy to communicate with them. They do this month before they ask for something. And, no, you will not discover the most powerful people in collaboration clubs asking for meetings from troubled business owners. You'll need to do some research for business valuation. But that's okay. You're aiming for quality rather than quantity.