Has exposure, efficiency and profit slowed to halt recently for your small business? There are many things that could be causing stagnation, but below are some of the top culprits. Read on to find out what they are and, more importantly, what you can do to remedy them.
Technology
Whether the latest technological advancements are a godsend or the fly in the ointment for you; it’s here to stay and is an integral part of our lives, not to mention the way we do business. However, unless your technology is working efficiently and optimally for your business, it could be working against you. From the operating system or browser, you use on a daily basis to the specialized software you deploy to give you a competitive edge, hiring IT companies to manage and redesign your computing infrastructure could speed up your process exponentially, increasing your profit margin.
Or maybe you are a business that relies on telecoms for much of your communication. In which case you are going to need a service provider you can rely on and who fixes any problems immediately. The longer your network is down, the more money you stand to lose. Taking some time to research what your business may be lacking in its technology department will not only help to improve the efficiency of your business but your brand and profit margins too.
Excessive Costs
Sometimes growth just isn’t possible; in a stagnant market it can be difficult to find that competitive edge. In cases like these, it is best to find ‘growth’ by trimming the fat. You could try cutting your wastage or renegotiating the cost of materials with your supplier. You could research competitive prices to that of your supplier and try to negotiate a better deal. If you have been loyal to them for a while, they are most likely to want to keep your custom and be open to discussing better deals for you.
Alternatively, you may simply be over-staffed. In which case some difficult decisions may need to be made. Merging departments could eliminate the need for some positions, or merely making do with less staffing in a specific area could reduce costs. Alternatively, you could look into outsourcing as an option. This way, you avoid the higher costs of hiring, training and maintaining your own staff.
Brand
Your brand is the most important part of your business; it’s your reputation. When people discuss your company behind closed doors, what do they say? There may be some discrepancy between how you present your company and how it is perceived. Gathering reviews and customer feedback can help you deduce whether any redirection is needed in your current branding.
On the other hand, it could simply be that your brand is not well-known enough. This could be due to poor marketing, or even something as throwaway as your logo. Everything about your presentation must be appealing to your target customer base in order to draw them in. Taking the time to scrutinize every aspect of your branding and its impact upon your business could be the key to unlocking its main potential.
Having considered all of the above, hopefully, you have some ideas on how best to facilitate the growth of your company, and move towards a more productive and successful future.