7 Reasons Why Your Business Isn’t Growing & How to Fix It
Your business isn’t growing and you have absolutely no clue why nor how to fix it. Starting a new business and growing it, is one of the most frustrating yet exciting things an entrepreneur goes through. If you’re an entrepreneur, then you know business is all about trial and error. It’s frustrating trying to figure out the things that aren’t working. However, it’s exciting going through the process and finally solving the missing piece of the puzzle. If you find yourself at a standstill with your business growth, you’re in the right place! Let’s discuss the 7 reasons why your business isn’t growing and how you can fix it.
You Lack Clarity
With new business owners, I find that their biggest issue in stagnant growth is due to their lack of clarity. Your targeted audience will not buy from you, if you cannot clearly describe the business’s mission and how it’ll help them. Most new business owners make the mistake of trying to market to everyone therefore, their messaging changes quite frequently. The problem with that is, when you market to everyone you end up marketing to no one. Focus on the one person that you want to help and revolve all marketing/messaging around them. This will help you to solve the lack of clarity, become more clear with who you serve and how you can help.
Doing Everything By Yourself
Doing everything by yourself is something all solo entrepreneurs deal with in the beginning. It’s almost inevitable in the early stages if you lack capital and are on a budget. However, you will need to outsource or hire someone if you plan to grow your business. We make the mistake of thinking we can do everything ourselves for too long! The moment your business begins to grow, you need to begin the process of also growing your team to sustain that newfound growth. Don’t set yourself up for making a huge mistake by doing everything mediocre versus hiring help to get everything done with quality. A quick way you can hire great help is by utilizing sites like UpWork or Fiverr. There you can find freelancers that specialize in everything from admin tasks to tech!
Self Limiting Beliefs
Self limiting beliefs is probably the biggest reason why most people find themselves stuck and not growing. Your mind is EVERYTHING! You need to train it to become disciplined and think only positive thoughts. If you don’t have the confidence within your business, why would anyone else? No one wants to buy from someone that isn’t quite sure on the results they can deliver. If you don’t think you can do something, guess what you’ll manifest? Nothing! Reprogram your thoughts and build a wealth mindset that thinks strategically with no limits. A great way to do this is daily affirmations, positive thoughts, living with gratitude and knowing that life is happening for you (in your favor) not to you!
RELATED: The 7 Biggest Mistakes Solopreneurs Make in Business
Little to No Capital
Lack of funds is the number one reason why most small businesses fail. I completely understand, as we need money to keep the ship afloat. Money is complex therefore, I’ll touch on a few things here. First and foremost, you should not be paying yourself a salary if your business cannot afford it. The first few years, 90% of new businesses are in the negative… that’s life. Additionally, if your business is in the positive and you can afford to pay yourself, make sure you aren’t being greedy. If the business is netting 100K and you’re paying yourself 80K, there’s your reason for having little capital.
You may not be making enough gross income to keep your business running therefore, you’re “bootstrapping” the process. You have a few options here: get an investor, crowdfund, compete for grants or use your 9-5 to fund your business. All 4 options have their negatives and positives but they’ll definitely help you gain access to more income. I recommend that you do your research for all options and reconfigure your daily schedule if you decide to use your 9-5 for funding.
Not Learning From Past Mistakes
Not learning from past mistakes will definitely keep you stagnant. You’ve heard it before and I’ll say it again, “the definition of insanity is doing the same thing over again expecting different results.” Do not become that person who doesn’t see the fault in their ways! If something does not work out, tweak it and try again. After numerous tweaks, you may need to ask yourself if what you’re trying to achieve needs to be trashed. I know it sucks going back to the drawing board, but it’s better than staying stagnant and not making any progress. Learn from your mistakes and utilize them to become better within your business.
No Growth Goals
Without growth goals, what are you working towards? It’s imperative that you set daily, weekly, monthly and yearly goals for yourself and your business. This will help to keep you on track and focused to getting closer to your end goals. If you’re moving through life without intent, it’ll be very easy to get distracted and in result, become stagnant. To combat this, set your large goals and break them down into smaller more achievable ones. I have numerous posts on goal setting that’ll help you!
How to Execute on Your Goals When You Don’t Feel Ready
How to Achieve Your Goals (It’s Easier Than You Think)
Marketing Strategy
Creating a marketing strategy that actually works can be a nightmare… especially if you know anything about marketing! It’s the one thing you need to get your business out there and in front of new customers. Additionally, it’s the crucial step needed to ensure that you make the sale and have reoccurring buys. Without a solid marketing strategy, your business will definitely take a hit in growth. I recommend that you do your research and invest in numerous marketing classes. This will help you to streamline your business and get over that growth plateau that you hit!
I hope this helps you to identify the missing piece behind the stagnant growth of your business! If you want help with starting your online business or have found yourself stuck, please reach out to me directly at hello@missashleyallison.com.
Until next time ASSASSINS. . . Stay Disciplined!
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