These Common Mistakes Could Be Holding Your Business Back

 

Are you trying to scale your company but having a hard time doing so? Maybe you are stuck in some kind of holding pattern, and you are wondering if there is any room for growth. Either way, if this sounds like you, then now is the time for you to make a change.

For one reason or another, it may be that your service isn’t reaching its full potential, and when you are able to identify the cause, it becomes much easier for you to make the tweaks you need without compromise.

Not Choosing the Right Target Market

Who have you focused on selling to in the past? Who have you ignored? Who is the right choice? At the end of the day, advertising your service or your product to the right demographic could well be the best way for you to make a quick win for your company.

On the same note, you need to figure out if a certain demographic is holding you back. If you want to help yourself, then now could be the time for you to move on and start advertising to a new audience. If you can make sure that this is the case, then you will be able to make the most out of the sales you make.

Your Business Model

Think about the business model you have very carefully. It may be that you have been selling directly to your customers for a number of years, but is this the best decision for you? Should you begin to explore a wholesale model?

What about a subscription-based model? Are you going to use physical locations, or are you going to sell online? If you didn’t have your investment and you had to start from fresh, would you change anything?

Believe it or not, asking yourself questions like this is one of the best ways for you to make sure that you are making the most out of your business and the results you hope to achieve.

Your Pricing Structure

This is yet another area that business owners find themselves stuck in. You can easily set your pricing when you first start your business, but at the same time, it can be difficult to adjust it in the future.

Changing your pricing structure, however, can be one of the best things you can do if you want to scale your business. It may be that you don’t change the price of your product, but that you adopt a three-tier pricing structure so people feel as though they are paying more, but getting more value.

You can make this work in your favor in terms of your bottom line, and it is a fantastic way for you to ensure that you are not losing customers as a result of increasing your prices too much.

Your Sales Model

What are the main means by which you market and then sell your service or your product? Do you use an inside sales team, or do you have an outside third party helping you out? Just because you have been doing things as you have for a certain number of years, doesn’t mean that you have to keep on doing things this way.

In fact, if you adopt this approach, you may find that you end up being left behind by your competition. If you still use phone lines to communicate with your customers then try and look into live chat for businesses.

If you can do this, then you will soon find that you are able to sell to customers more easily, while also making sure that you are continually expanding your company.

Business

Source: Pexels (CC0 License)

Branding

As your company grows, and as things have changed, how do you feel about your brand? Review your visuals, and then look at how things fit in with what you currently offer. Do you feel as though things are consistent?

If you were to look at your company with a new set of eyes, what would you choose for your company at this current moment in time? If you need to, remember that there is nothing wrong with you undergoing a rebrand because if you do, then you will soon find that you are able to make other pivotal changes down the line.

Lack of Trust

You have to remember that it is impossible for you to grow your company on your own. Later down the line, you are going to have to hire a team of staff members and you will probably be happy to do so. The main reason for this is because it will help to free up some of your time.

That being said, it is a good idea for you to sit back and think about how you are going to view your staff. If you see your team as someone who can do your boring jobs for you, then you are wasting their capabilities. It’s worth trying to find people who can bring new ideas to the table as well as finding people who can work with you effectively.

Delegating is essential too so make sure that you keep this in mind if you want to make the most out of your current business model.

Taking on too Much

There is truly nothing wrong with you having a ton of good ideas. If you try and put them all into motion at once though, then this is not a smart idea at all. It may be that you end up taking too much on at once and that you make it difficult to do anything else.

Studies have shown that it is better for you to focus on doing a single thing very well, rather than you having a lot of projects underway. Stick with the core duties that you have as this will push your company forward.

If you need to expand, then hire someone to help you do that. It’s also vital that you say no to new opportunities if you are not ready to take them on right now. Biting off more than you can chew is just as bad as not taking on enough at all, so try and be mindful of this if you can.

Lack of Development

Your company may well start off in one position, but at the end of the day, it should not stay there forever. As the times change, you will have to move your company forward with them. A company that stands still will end up being left behind and this is the last thing that you need.

Make sure that you have all of the tools you need to grow your company and also make sure that you make the right improvements as you go along. Sure, you do have to pay a lot of attention to the here and now, but it pays to have one eye on what is coming ahead as well.

You have to be able to grow with change in your industry and you also have to be able to grow with your clients too. If you try and micromanage everything and if you spend too much time trying to do things yourself, then this will work against you and it will make it very difficult for you to move forward with the company you are working so hard to build.

Not Investing

If you do not invest in your company, then this is another huge mistake. Not investing in your company will ultimately mean that you end up falling behind your competition. Tech is huge, and if you are able to invest in this now, then you will soon find that you can get the result you want out of each day.

It may be that you invest in some automatic tax software, or that you install software that helps you to track your client orders and whether or not they have shipped. If you can do this, then you will soon find that it is easier than ever for you to give your customers the service that they are looking for while also making your job ten times easier.

Companies that do not invest their profit usually end up experiencing a shorter lifespan. Although you do not want to make big and risky investments, you do need to look at your most inefficient ways of working, and then find ways to actively deal with them.

This is one of the best ways for you to make sure that you are always pushing your company in the right direction.

Of course, if you want to make a positive change, then you have nothing to worry about because by taking note of the above, you can make sure that you aren’t standing in the way of your own company’s growth.

Why not see if it is possible for you to make a change today by going over your current business model and finding out why you’re not progressing as you should, while also finding out if you can boost your bottom line?

 

 

About the author

Brent Dixon is the owner of E-Crypto News and an early adopter of cryptocurrencies. He is a Book editor- that has edited numerous books on Cryptocurrencies. He has been a writer for more than 30 years. Covering everything from Jazz Music to Blockchain Technology. He currently lives with his wife on Miami Beach, Fl.

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