You may have a great product, outstanding customer service and a steady flow of customers, but if each year the numbers look the same, your business has stalled. This sort of predicament can only sustain a flat line in growth for so long before it begins to die.
When this plateau occurs, a common knee-jerk reaction may be to get more aggressive with marketing or look for an infusion of capital to reinvest in your business. However, before you invest more in marketing or take on unnecessary debt, consider the following seven reasons why your business may not be growing.
Chasing whales. If we learned anything from Captain Ahab and Moby Dick, it was don’t let the pursuit of the whale drag you under.
While on paper a big contract looks very appealing, the energy and resources required to attract, win and keep those once-in-a-blue-moon opportunities could put your entire company at risk.
Related: 5 Mistakes I've Made So You Don't Have To
Instead of having your livelihood hinge on a few large pieces of business, why not focus on servicing a smaller, steady base of clients? With small businesses making up 99.7 percent of U.S. employer firms according to the SBA, know that there’s plenty of opportunity to go around.
Tracking down overdue payments. Along with prompting awkward conversations with customers, chasing overdue payments costs valuable time you could be spending on more profitable tasks.
Read more