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When owning a business, it is vital that you find ways to help it grow in every way, shape, and form, in order to optimize your success. There are multiple factors that could be preventing your business from growing, and it’s important to know what these are beforehand so you can prepare accordingly and make your business as strong as possible. If some of the following factors are already impacting your business, we have included tips to solve the problem and help preserve your business.
1. Fear of Change
When it comes to owning a business, one of the most important aspects is to be flexible and evolve with the times. With the growth of the digital age and the usage of technology, it is of the utmost importance to identify any threats and come up with a plan for how your business will shift in order to accommodate. Always plan for change and watch other industry leaders get an idea of how they change when it comes to factors that impact their business. If you fear change, you won’t be able to advance forward and give your business the chance to grow.
2. Stale Ideas
It’s important for small businesses to be open to new and creative ideas. If you close yourself off to ideas, you are going to stunt the growth of your business. It is your responsibility as a business owner to constantly research the latest trends and innovations so you can up your game. One simple way you can begin to do this is to listen to what your customers are saying, especially on social media channels. Read comments. Engage with your viewers. You never know what kind of new perspective you will gain from interacting with customers and acting on creative instincts.
3. Hesitation to Move Online
Long ago, before the internet, it was best to have a business in a place with plenty of foot traffic in order to successfully profit from customers. Now, more than ever, simple foot traffic usually isn’t enough to sustain a business, let alone help it grow. Using the online marketplace is a great way to reach a wider amount of customers all over the globe, and can really grow your business quickly. If you’re interested in going global, be sure to check out the U.S. Small Business Association for tips and tricks.
4. Lack of Technology
Technology can make or break your business. If you’re using technology correctly, you have the ability to engage with new customers, reach global markets, and find plenty of new ideas. When you are trying to grow your business, don’t avoid new technology solutions that can really help aid the process. Smartphones and laptops, for example, are especially beneficial because you are able to keep tabs on your growth with the touch of a button. Use technology to help with your growth.
5. Bad Website Design
Your website is one of the first things your customer sees when looking up your business online. If your website is designed poorly, or loads slowly, the customer is going to get frustrated and won’t continue to pursue their search for products. Check your website and make sure it is easy to navigate, looks appealing and modern, and has all of the necessary information a customer needs in order to make an educated decision about a product. Today’s market is digital-centric, and if your website isn’t keeping up, neither will your business growth
6. Ignoring SEO
SEO stands for Search Engine Optimization. This refers to when a customer searches something in Google and they see the results pop up websites and listings with SEO will appear first. You definitely want your listings to appear first, as people are more likely to click on the listings that they see on the first page. It would help your business substantially if you worked with an SEO professional, who can help optimize your website and products. You can easily request a website audit from them, so they can recommend necessary changes to you. Customers are using search engines now more than ever to locate products. You need to maximize your SEO across the board and watch your business gain growth.
7. Ineffective App and Website Elements
Are the elements of your website or app appropriate for business growth? For example, when a customer logs on to your website, are they bombarded with information requests to the point they want to log off? How about your checkout process? Are you making things too difficult for your customers with your website? One crucial website element that really helps with business growth is the usage of proper photography. Customers like to see the variations of your product from a variety of angles, and this will help them choose a product that works for them. If you don’t do this, you can lose out on growth. Check your product listings, as these are part of the website elements, to see if the customer can get the right amount of knowledge they need from your listing.
8. Not Analyzing Finances
Always analyze where you can save money in your business. Little expenses add up. Consider outsourcing the software and subscriptions your business currently pays for. Payroll services are one of the most overpaid business services, for example. By analyzing your finances closely, you can see whether or not you’re paying too much for an internet plan, merchant fees, and advertisements with low returns. Contacting a financial auditor can help you cut costs where you need them, which will boost your growth as well.
9. Lack of Project Management
If you’re taking too long to upgrade or update your services, you can miss out on thousands of dollars in missed sales. When it comes to projects, sometimes businesses do not complete them on time and waste tons of money on them by not sticking to a project budget. Thankfully, in today’s world, there are plenty of project managers for hire that can help optimize your projects and save you a lot of money.
10. No Social Media Management
One of the biggest mistakes you can make is not having a manager over your social media accounts. If your social media account is inactive or lacking in posts, this will scare customers away. Social media is one of the most powerful forces behind a business and can drive factors such as orders, app downloads, and in-store traffic. However, you can’t make this happen unless you have a social media strategy. Each post needs to be part of a greater strategy that helps your business grow. Try hiring someone to manage the social media side of things, as they can handle customer comments on posts and interact with your customer base.
By growing your business, you are opening up new opportunities. Keep up to date with research, maintain your websites and social media accounts, and enjoy the benefits of business growth!