MoneyMagpie

Feb 28

Four things stopping your business from making money (and how to fix them)

Is your business struggling to grow past a certain level? If you have had success with your company up to this point it can be very frustrating if it all comes grinding to a halt for no obvious reason. Here we take a look at four of the most common reasons that businesses stop growing, and offer suggestions for what your company can do to overcome these challenges so you can progress.

 

1. You haven’t learned to delegate

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If you have built a small business from the ground up, it may well be the case that you are holding it back from growing. When told this, many entrepreneurs and owners will not be willing to accept it is the case – after all, they are putting in virtually every waking moment to make this business a success; how can they be the problem? The truth is that while it is good that you are willing to put in that time, it is also important to realise that you can’t do it all.

Businesses owners, especially those who have started to see their company succeed, often struggle to relinquish control and delegate tasks. The old adage goes ‘if you want something done right, do it yourself’ but there comes a point in the life of a business that if you are trying to do it all yourself, you will actually make it impossible to succeed.

If you are still trying to run all aspects of the business yourself and running out of hours to do it, it’s probably time to make the decision to hire. Sit down and think about exactly which parts of the business frustrate you or take more time that they should – it could be anything from accounting to marketing or even making sales. This should be the area you look to hire, and delegate these tasks to someone else.

 

2. Your website is no longer fit for purpose

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One of the major issues that can hold back a business is their website. It is surprising how often you will see companies that are entirely reliant on their website for sales and leads but simply don’t see the value in investing properly in their site. Even if you’re not purely an online business, if you offer any kind of product or services digitally it is essential to have a useable website.

If you currently have a simple website hosted with a basic hosting package, that can be fine, but it also means that you lack flexibility and ultimately it can stop your business from progressing. If you started a small business without much IT experience and it has grown, it’s likely that you’re now in a position where your web hosting simply isn’t suitable for the task anymore.

Now could be the perfect time to take complete control over your website with managed hosting where you have the advantage of flexible servers along with the simplicity of a fully managed package and professional support. Proper hosting can provide you with a website with faster loading times and enhance your online security; this makes it a real tool for growth rather than something that is holding you back.

 

3. You’re relying on a single marketing method

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Another issue that can hold back a business is that you will have success with one method of marketing – and because of that success you won’t try anything else. For example, if your business has always made its sales through word-of-mouth recommendations, it could be the case that you’ve never had to put any money into other channels.

But inevitably a single source of customers will no longer be enough as your business starts to get bigger, and this can seriously stunt your growth.

It’s essential that your business looks into new marketing channels as soon as possible. Even if you currently have enough work it is important to explore different avenues as these can be crucial when other work starts to dry up. Going back to your website, it’s a good idea to start putting time into search engine optimisation (SEO) and email marketing as these can produce fantastic results.

 

4. You’ve become tied to your premises

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It could be that you are tied into a contract or you simply have become attached to your working space, but failing to move on from premises that aren’t suitable anymore can be a huge problem. In general, it’s a bad idea for businesses to tie themselves into long-term contracts on their premises as it denies you the flexibility to expand and contract as the market fluctuates.

If you’ve outgrown your office it can be time to expand, as a space that’s too small will inevitably hold you back. And when you look for your next premises, don’t choose somewhere that fits your current business – give yourself plenty of room to grow into the space.

 

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