3 Factors That Hold Businesses Back From Growth (And How You Can Overcome Them)-min

3 Factors That Hold Businesses Back From Growth (And How You Can Overcome Them)

When you start a business, you may think that the most challenging part is over. However, growing a business is quite difficult. Preparing for some of the obstacles you will encounter will help you navigate them when the time comes, and you will be able to attain your goal of consistent and sustainable growth.



Recruiting Employees

When you start a business, you probably did not have skilled employees. In most cases, business owners start their business with them as the only workers. However, with time, you have to recruit more employees as you focus on other aspects of the business.

Recruiting employees is challenging as you have to ensure you get the right people to steer your business forward. 

The new employees must have the necessary skills and excellent work ethic and understand the vision you have for your company. Be clear with what you are looking for when advertising the position; look for people who have worked in the post before and check their references; you can employ them on a probation basis and then later on a permanent contract when they impress you.

While you may put a lot of effort into recruiting the best, you must ensure that you retain them. This means they will not be looking for employment elsewhere as they are satisfied with working for you.

You can confirm this by giving them options on if they want to work remotely, providing all the resources they need, appreciate them with gifts and tokens and giving them enough time away from work. This way they are happy working for you and they get job satisfaction.

Customer Satisfaction to Start a Business

Customer satisfaction means your customers are satisfied with the product or the services you are offering. When you are creating your offer, it is them that you have in mind. You want them to purchase the product and find it is precisely what they were looking for. While a customer may be satisfied with what you deliver, was the whole process to their satisfaction?

Let’s say the customer looks for a product online and finds themselves on your website. What are your descriptions of the product? Will the client look at the product without feeling like they have to contact support for details on it, or the information provided is satisfactory for them?

The number of available products should also be displayed for them; if an item is unavailable, the information should be present.

If all the information is unavailable, your customers will not be satisfied with your service and will most likely not buy from you again. If you find yourself in this situation, there are a few things you can implement to smoothen the process. They include:

 

  • Optimize your ordering process, especially by getting feedback from the customers before starting a business.
  • Develop a customer care service that inspires your customers.
  • Inform your customers of the availability of an item, your return policy or any other information that is relevant to customers. 

 

A customer happy with your service will purchase from you again and refer others.

3 Factors That Hold Businesses Back From Growth (And How You Can Overcome Them) 2-min

Unclear Targeting

When developing your product, you must know who you are creating it for and how it will benefit the person who will purchase it. This way, when marketing, you can target a specific audience. When it is unclear who your market is, the correct market will not be sure it is for them and purchase it. Customers do not like second-guessing things they are spending money on. 

If you do not know the right audience before starting a business, you can read articles from experts in your industry e.g. brewing; you can look at Untappd for business blog and see how they are doing it. How do you make sure that your customers know that it is them you are offering the product:

 

  • Give a clear picture of what the product does and how it would benefit the customer.
  • Let the customer know what they have missed when they have not used the product.
  • Research how to reach your target audience, including the advertising platforms to use and use them to reach your target audience.



Consider Financing Before Starting a Business

It will cost you money to start any kind of company. So you need to figure out how you will pay for those expenses. Do you already have the resources to finance your firm? Or do you anticipate needing to take out a loan? Have you saved enough money to sustain yourself while you wait for your business to turn a profit if you want to quit your present employment in order to concentrate on growing your company? It is in your best interest to determine how much money will be required to get your business started.

A significant reason for the failure of many new businesses is that they run out of money before they can earn a profit. It is always a good idea to anticipate the amount of beginning money you need to be higher than it really ends up being, since it may take some time before the firm starts bringing in consistent income.

Conducting a break-even analysis is one of the methods you may use to ascertain the amount of capital you need. This critical component of financial planning assists company owners in determining the point at which their enterprise, product, or service will begin to generate a profit.

 Combining the three will ensure that you reach the right audience and your business grows.

No one starts a business without thinking of how the company will grow at some point. However, at some point, this may seem unattainable. Implement the three, and with time you will witness your business growing.

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