THESE ARE THE REASONS YOU’RE NOT GROWING YOUR BUSINESS
So you’re looking to expand your business, but haven’t quite been able to get it done and you’ve been racking your brain as to why.
The answer to that isn’t always as clear-cut as pecuniary reasons but it could be as a result of a myriad of factors.
Business and Strategy coach, Tale Allimi shares some of her reasons:
No clear direction, focus or strategy
You start a business because you believe you can solve a problem that exists. You may even think you can solve it better or faster or cheaper than other people who are currently solving similar problems.
If you have not decided how you are going to solve that problem i.e. your business model and who you are going to solve it for i.e. your target market, you will be pulled in many directions.
Another factor that makes focus difficult is the fear that if we set a defined target, we might lose some potential customers. I told a client the other day that her target market of people between 18 and 90 years was too wide! She said she set such a wide target market because she gets clients who are within that age range.
The challenge here is that an 18 year old and a 90-year-old have very different needs and you have to communicate with them differently. Trying to do this will make your marketing message confusing.
Doing too many things at a time
Your role as an entrepreneur is to juggle many balls, right? Yes and No!
Yes, you are to ensure all the moving parts of your business are working in a good sequence.
The problem usually arises when you are quick to take every advice you get or try to apply every tip you see online.
Doing this will only distract you. You will find yourself carried away doing so many things, that you forget to focus on the things that really count in growing your business.
If you have a clear direction like I shared in point one, you will filter what you hear or read and apply only those things that align with your business focus.
You are not consistent
This further buttresses the last point. To get results from anything, you have to do it consistently for a sustained period of time. A few experts have proposed some time frame. Malcolm Gladwell shares the 10,000 hours rule and Brian Tracy says you have to commit consistently to doing something for 5 years before you achieve the kind of success you desire.
I am not saying you should be consistent with something that is obviously not working, but if you have not tried something long enough or hard enough, you might not get the results you desire from it.
If you sent a broadcast message to your clients twice and you give up because no one responded, you might be missing a future sale because research has shown that your message usually sticks with people at the sixth encounter.
You are not retaining existing clients
This one hits close to home because I don’t like losing clients. It makes me feel like we have not done enough to serve them.
Practically, research has shown that it is 3 times more expensive to get a new client than it is to retain your existing clients.
Even if you have your marketing down pat, if you are not retaining your existing clients, it will be like taking one step forward and two steps backward.
You are not asking for the sale
I spoke at a conference recently, and one of the participants complained that people were not paying for the high value she offered. Sometimes, people are not paying because you are not asking for the sale!
Your products or service might be great, but if you don’t ask for the sale by promoting the value to the people who need it; your sales will not increase and your business will not grow. I shared practical ways to ask for the sales in my marketing master class.
Now that you know the 5 reasons why your business is not growing, what do you do?
Take all the reasons, and do the opposite!
Be focused and do the few things that will move your business forward. Learn how to communicate your value and sell your products. Make sure you retain your existing clients.