For all your online business building info! , 2020-01-22 08:30:27
Don’t Prevent Your Own Small Business Growth!
It maybe awful to think about, but often the internal structure of a business is the reason why the business isn’t growing. What’s even worse — many times the management of the business is to blame. The only one who can do something about is you — the small business owner!
In a small business you (the small business owner) and your management staff are making most of the decisions. But ultimately you are the one that usually held responsible for all the decisions that are made. This can create a great deal of pressure, especially in hard times. But you have to remember that you are not alone, that’s why you hired other managers in the first place — to help you run the business and making it in to a success — together!
So what to do? Why do many beginning business owners fail? What things are preventing your business from growing?
The first thing that you have to remember is that not all business owners and managers have the skills or experience to deal with all problems. Take a closer look at your management staff and you’ll see what I mean. Some managers for instance are good with people and others know the ins and outs of what is done on the work-floor. What I mean is that every manager has it’s own kind of skill set and if those skills don’t complement yours, you need to do something about it.
Of course, you can take drastic measures and fire the managers that has the same skills as you, but a better way is send them to seminars or a course to learn new and better management skills (and of course those skills that you think your business needs.) (Sometimes seminars can help you to come-up with new business ideas.) Also you need to tell them that you want him/her to learn certain skills and that you think it will help them to become a better manager.
Another good way is to advice certain books that teach them better management skills. You can only do this of course if you read the books yourself and that is the other point I want to make, you need to keep learning yourself, because in the end, you are responsible for all business decisions!
Lack of Finance
Another internal area that could prevent the business from growing is a lack of finance. In most cases a business need certain funds to expand, for instance the business needs more capital for better equipment, more supplies or even more staff. Once that you are convinced that a lack of funding is the problem, look for external sources of finance. But you need to be really convinced that this is the problem, because also managers have to habit of trowing more money at a problem!
Lack of Focus
Another area that could prevent your small business from growing is a lack of focus. Every business , including the small, need some sort of focus strategy. With a focus strategy I mean a short-term goals, long-term goals and a plan on paper to implement these goals.
The best thing to do is writing a plan (one or two sheets should be enough) with your management staff (and if it’s a very small business, with all your employees) that is setup like so:
- Short-term goals
- Long-term goals
- Implement plan (what things need to change)
- Some measuring dates (to see what goals you have reached and to see which things you need to change (again) to reach the goals.)
Product or Service
Another thing that could hinder the business from growing is a poor products or services. Or simply that there’s no demand for the products or services. These things in itself are not that bad. Don’t get me wrong, they aren’t good for the business either or are easy solvable, but it are things you can do something about.
The thing I want to talk about is what we call small business owner tunnel-vision. This is a problem we see over and over again and its very hard to detect for every small business owner.
Example: You have worked so hard on your product or service. At some point you begin to think that its the best product/service out there and that everybody can’t live without it. But after two months, the sales are very low and the customer responses are no good.
The response of most business owners is that they say that the problem is not their product or service, it was probably their marketing campaign or something else. And they immediately try to fix the problem or even worse throw more many at the problem.
They have such a firm believe in their businesses product that they can’t see that the problem is the product or service. We have seen business owners go in bankruptcy before they would admit that the product was the problem.
So remember, sometimes the problem of no business growth is simply a bad product and the best thing to do is to cut your losses and try again from the start.
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