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Overcome the Roadblocks to Business Growth with These Hacks

Posted: Friday, July 20, 2018 at 7:30:20 AM EST by Helen Cartwright
Hacks to enable you to overcome the Roadblocks in Business Growth.

The main obligation of any team of management in a firm is to promote its growth. There are many challenges in achieving that objective. Today, we are going to discuss the business growth roadblocks and the solutions to enable you to grow your business with ease. The most common challenges include:

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Time

A large percentage of the businesspeople cite lack of time as a major problem in growing their business. One of the most common marketing strategies used by businesses today is blogging and networking. Some people claim to have no time to blog or network with key players in the industry. According to a research, more than 80% of businesses fail due to poor business practices such as maintaining proper records. Some of them claim that they do not find time to keep a record of their transactions. Scholars urge entrepreneurs to prioritize their businesses. If you would like your firm to perform well, you should make time for important business activities such as bookkeeping. With the modern technology, you can use software that helps to organize your daily tasks. There are many solutions for you to utilize and manage your time in the best way possible.

Money

The lack of adequate capital to start and expand your business is probably the biggest roadblock for most new entrepreneurs. Growing the business may involve acquiring new assets which could be expensive. Therefore, you may need a lot of money to achieve your goal. There are numerous ways to raise money for your business. You can use your savings, borrow from friends and relatives or financial institutions in your area of operation. If it’s an existing business, you can plough back the profits earned during the previous financial years. Using your own money is the safest and most recommendable source of capital. However, you should also explore other options such as credit if your savings are not enough. Many lenders are always willing to give out loans to entrepreneurs with good ideas. To succeed in getting a loan, write a good business plan and present it to a financial institution.

Scaling up a Business

Expanding the operations of a small business is not an easy task. The service industry is considered as the most difficult to transform. To expand the operations may include increasing the number of employees and the level of production. According to statistics, most businesspeople fail at this level. It requires the transformation of the whole organization. For example, the culture of the key up with a clear vision for your business. You also need to focus on good sales strategies. Evaluate the effectiveness of various marketing strategies to determine the one that will give good results in your target market. The sales practices apply to businesses in both goods and service industries. Marketing is the main activity of any business. Some scholars recommend seeking advice from the other players in the market who have succeeded in the industry. Consulting others ensures that you can avoid making the same mistakes that they made in the past.

Resistance to Change

Most new entrepreneurs are afraid of changes due to the potential outcomes. Some scholars argue that without change, there is no progress. The management of existing businesses also fears change as some of them think that they could end up losing what they have already achieved in the past. By embracing positive change, you are likely to find new opportunities to take advantage of. For example, when social media marketing began, most entrepreneurs dismissed the idea. Years later, it is now one of the most powerful marketing tools for any business. Companies are now spending millions of money to take advantage of the large target market in the new internet-based platforms. The individuals who took the initiative to venture into online marketing when the idea was introduced are now making huge profits. The entrepreneurs should be early adopters. It is important to note that not all new ideas pose good opportunities. Therefore, the businesspeople must evaluate the new ideas critically.

Motivation

It can be defined as the incentive to do something. There are different sources of motivation for an individual. Some of them could be monetary while others are non-monetary. According to some scholars, the monetary strategies are the best in motivating your workers to perform their roles as and when expected. When the employees are motivated, they perform beyond the expectations of the management. Some scholars argue that you may end up spending less on advertising your products. The customer retention rates are likely to be high when the workers have an incentive. The supervisors can focus on more important issues in the firm as the employees require less or no supervision. You should award the employees according to their contributions and also adhere to the industry standards on the minimum remuneration limits. The non-monetary strategies of motivation include offering opportunities for personal development to the employees. For example, you can adopt regular training programs.

Poor Planning

Proper planning is essential for both startups and existing ventures. A good plan spells out the steps you need to take to achieve your business goals. With a good plan, the activities of the business flow smoothly. Some business people realize that the business is out of control when it’s too late to make any adjustments. Most of them end up collapsing due to lack of the right direction. Without a good business plan, you are gambling with the future of your business. You should take time to develop a good plan to ensure that you do not miss out on important activities of the business.

Identify your Ideal Customers

Failure to identify the ideal customers for your business can lead to making unnecessary expenses. You should identify the ideal target market and aim at meeting its needs. Maintaining higher customer retention is important. Consider developing new product features to meet the changing needs of the clients and attracting new ones. Many firms fail due to their inability to introduce new product features. Ensure that all the key stakeholders are informed about coming up with better product features.

It is worth noting that every growing business is likely to face some challenges. However, the best solution is to have a positive attitude and embracing new opportunities as and when they arise. There is a need for every business to take advantage of the modern technology to create a competitive advantage over the competitors.
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