My Business Isn’t Growing: What Should I Do?
The recipe for business growth is an imprecise one. Mix one advertising campaign and two new salespeople and let rise? Or is it one social media marketing campaign and three new customer service reps? It’s tough to say and is based on your company’s unique situation. If you’re thinking, “My business isn’t growing, what should I do?” consider the following options.
Get a Loan
Small business loans give your company the infusion of cash it might need to take things to the next level. There are many ways you can use a loan to help your business grow, including hiring, new manufacturing equipment, facility renovations, and marketing campaigns. If you don’t have the business credit history you need to obtain a traditional bank loan, look into other options like alternative online lenders, borrowing from family and friends, or crowdsourcing.
Outsource Administrative Tasks
Many business owners find themselves bogged down by the day-to-day running of the business, which gives them little time or inspiration to focus on strategy or how to grow the business. It’s hard for some business owners to let go of these activities, but it can be in the best interest of the company to outsource them when possible. For example, hiring a bookkeeper to handle accounting and payroll can free up some of your time, as can hiring a receptionist to deal with ordering supplies and answering incoming calls.
Invest in Branding
One reason your business could be stagnant is that there’s little to differentiate it from competitors. Survey your customers and the local market to get an idea of how people perceive your company in relation to competitors. Use the best points as a foundation for branding efforts to help your business stand out.
Do some competitive research on pricing. Sometimes, when a business isn’t growing, it could be because you are charging too little or too much comparatively. Charging too much can turn off many customers, and charging too little might give the impression that your offerings are cheap and low quality.
Narrow Your Focus
You might need to narrow the number and type of products or services you provide to help grow your business. Focus on just your biggest revenue-makers for a while to see. This could mean cutting down on the menu choices at a restaurant to speed service and decrease the amount of ingredients you buy and throw away. Or it could mean manufacturing more of fewer products to increase quantity discounts and eliminate the need for inventory storage.
One reason you might be asking yourself, “My business isn’t growing, what should I do?” is that you don’t have clear-cut goals that you’re working towards as an organization. When you are caught up in simply getting through each day, this can happen. Take some time out to think about what it is you’d like for your business to achieve. Maybe that’s a 3 percent revenue growth by the end of the year or a certain number of new clients by the fall. Sit down and write actionable steps you can take to achieve these goals. Frequently check in on your goal list and make sure you are staying on track.
Your business might not be growing because you’ve simply lost your passion for it. This is totally normal, but it’s important to recognize when it is happening. If you want to move on to something new, consider selling the business. An employee could be interested in buying it and taking over, or even a competitor, partner, or another member of your community.
Shut It Down
Often, a business isn’t growing because there is a lack of demand in the market or it just wasn’t the right timing for the company to succeed. If this is the case, it might be in your best interest to close the business. You can always try to reopen the business at another time when you’ve had a chance to examine what went wrong.
No matter what your decision, recognizing that the business isn’t growing and that you need to take action to correct course is a positive first step.