Many business owners want to grow their businesses, yet not all achieve the growth they are looking for. If you want to grow your business, yet feel your business is coming up against barriers ask yourself: What is stopping my business growing?
No clear vision, strategy or plan. Where do youwant your business to be in the short, medium and longer term and how are you going to get there? Understanding where you want your business to be will enable you to develop a clear plan to get there, as well as to focus the business activities growing your business.
No time to work on your business. Are you too busy working in the day to day of your business to set aside regular time to step back and focus on your business strategy and business growth? It is challenging to move from working in the day to day of your business to being more strategic. To enable your business to grow and prosper you need to spend time working ‘on’ your business, not just working ‘in’ your business.
Lack of knowledge, experience and skills. Do you or your team need to increase their knowledge, experience and skills to enable your business to grow? What additional leadership and management skills do you and your management team need to take your business forward? Consider investing in knowledge, experience and skills for you and your team to enable your business to deliver growth. You may also want to access the support of specialists who can help you grow your business.
Mindset. Is your mindset holding your business back? Could the way that you’re thinking be stopping you growing your business? You may be afraid of success, lacking in confidence, unclear on how to grow your business, fear you may fail or overly worry about the consequences of your actions. Be aware of how your thinking is acting as a barrier to the growth of your business and consider how you can think differently to enable growth.
(To find out more about how your mindset contributes to business growth, check out the recent research conducted by the Centre for Enterprise at Manchester Met University on behalf of the Business Growth Service here)
Not managing the business. Are you struggling to understand how your business is performing? Are you adopting a reactive management approach? To enable growth you need to be proactive and actively manage your business, including keeping focused on your business strategy, planning what you need to do to achieve the strategy, ensuring action is being taken, reviewing how you are getting on against your plans, prioritising and re-prioritising as things change and reviewing and updating your business strategy on a regular basis. You also need to know what is happening in all areas of your business by monitoring key performance indicators, regular communication, feedback and meetings with staff and key stakeholders and listening to customer feedback.
Not resourcing to deliver growth. Is your business struggling to grow through lack of resources e.g. staff, suppliers, equipment, IT, finance, investment etc.? To grow your business it needs to be adequately resourced and have the systems, processes and procedures to support growth. You may need to employ additional people, outsource work, invest in equipment, IT, software or new premises or you may need additional finance or investment. Consider whether any of these areas are holding your business back.
The Business Growth Service’s experts can help you get to the heart of your barriers to growth and work with you to overcome them, to find out more request to speak to one of our experts or visit the resources on our website.
Written by Liz Makin, Growth Coach for the Business Growth Service – Makin It Happen: Coaching, Mentoring & Stress Management