It’s been a long road, and you finally opened your business. Or, perhaps you are still in the beginning stages of your business. As you reflect, you might have noticed your business isn’t growing. Your first question is, “why isn’t my business growing and prospering as expected?”
There are many different reasons a business can stop growing. But, there are four key areas that drive growth in a business and produce success. However, if you fail to address these areas, eventually, your business will come to a halt. Let’s look at the four areas that I am referring to.
I have worked with several business owners who have good ideas but not the right mindset for business. Many people are courageous when first entering their business because they’re fueled by, the excitement and their motivation is high in the beginning stages. But, quickly their belief system takes over and fogs their thinking. For instance, take a business owner who’s had bad experiences in the past working with others.
Over time, the business owner may have developed core values that anybody he or she works with they don’t trust. Well, this certainly poses a problem as every business owner needs to be able to form partnerships at some point within their business.
Here is another example. There are a lot of people with the notion that if something is meant it will happen. This notion is false. When in business, you must make things happen or else it won’t happen. In fact, ask any successful business owner and he or she will tell you they had to hunt success down in order to get it. Having this type of mindset where you sit on the fence or expect things to happen will result in your business being stagnate.
Don’t Take It Personal
One question you might ask yourself after starting your business is, “Where will I find my first customer?” I am almost certain that everyone has asked this same question, and probably was told to start with friends and family. But, what if your friends and family aren’t supportive. Don’t take it personally. I have come across many business owners that commit collateral damage to their business.
By no means, business owners shouldn’t go on the attack because someone they expect doesn’t support their business. Simply put, don’t expect everybody to believe in your visions, ideas, or products at least not yet. Remember patience, persistence, and purpose is my motto. In time, you can brand your business to gain more respect to those closest to you.
Even if friends and family aren’t supportive in the beginning, you must recognize your friends and family know people and can connect you to other people that might need what you’re offering. However, if you’re ruining relationships, you have cut off part of your networking lifeline, and the opportunity to offer friends and family your products or services later. People have different needs at different times of their lives, and one day they might just remember you have something that can help them.
Believe it or not, a lot of small businesses approach their business too small. Some owners think that all the professional language and procedures are meant for Corporate America. But, small businesses must take note, it is important to be prepared for success. Two things potentially happen:
•Entrepreneurs try to cut processes to save money.
•They wait until money is coming to become better prepared.
By then it’s too late, success can happen instantly, especially if you come up with the right product or service that just happens to become a demand. Lack of preparedness has caused many small businesses to fail within the first couple of years.
Most businesses have business plans because they’re needed to obtain capital. But, I find that many don’t use them after this point. I can’t stress this enough. Every business must have a business plan that outlines every aspect of their business with long and short-term goals, financials, hiring talent, performance indicators, and marketing plans. It should be practiced and revised regularly.
Fail to Take Risks
I know being in business can be scary. Some business owners are looking for something different but are so scared to take chances. They just stick to what they know will work. You have some owners that wake up and do the same routine every day. They fail to take risks but somehow, these owners believe that success will just happen one day.
If this is you, you are in your comfort zone. Growth and success don’t happen in our comfort zone, which is why a lot of small businesses stay stagnated. You can only grow and succeed when you push yourself beyond your limit. Remember, your customers are growing and so are their demands.
Not taking risks means you will no longer be able to meet customer’s needs, which you will lose customers and may not gain new ones. Customers are always evolving and wanting new things. So, if you fail to take risks in your business you will have little to no success. Think about it, when you opened your business you knew that it would be a risk, and nothing has changed. Your business should be taking a calculated risk.
So, if your business is stagnated think about:
•What is your mindset?
•Are you taking things too personal, and not building relationships?
•Are you prepared for success?
•When is the last time you took a risk?
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