Business growth is a numbers game. In addition to growing the number of customers you serve, your revenue, profits, and even your expenses should be growing, too. And if one or more of these areas isn’t keeping pace with the others, you could be leaving money on the table.
Research tells us that more than 500,000 new small businesses are started each month. But within just one year, more than 20% of new businesses will close their doors. That figure hits the 50% mark just four years later. And by year 10, only one in three businesses will still be open.
Let’s assume you’re doing well enough to be among the lucky few who haven’t called it quits. You should realize that having just enough business to stay afloat isn’t an accurate picture of success. Rather, if your business isn’t growing at least marginally each year, you may need to make some changes that will help you achieve the next level in your career.
Take a look at three of the most common reasons why your business growth has plateaued:
You’re Working In Your Business vs. On Your Business
One of the biggest barriers to business growth is usually yourself. Oftentimes, business owners believe they can save money by handling tasks themselves. They fall into the habit of working in the business instead of on higher-level strategies and growth opportunities.
But as the business owner, your core focus needs to be on the things that only you can accomplish. This means building partnerships, pitching investors, cutting costs, hiring employees, and other key objectives that will jumpstart your growth.
A good way to approach task management is to ask yourself if you can delegate it to someone. If so, then you probably should.
Another thing to consider is how much a particular task is worth. Managers should value their time at $250-$500 per hour, not wasting precious minutes on $10-$50/hour tasks. If you wouldn’t pay someone $250 per hour to post on social media, why are you paying yourself that much to do it?
Accept the fact that you can’t (and shouldn’t) do it all in your business. Then, leverage other professionals to take the reins on certain tasks. You’ll accomplish more in less time and can use your newfound free time to focus on growth.
You Don’t Have the Skills Required for Business Growth
Many business owners and entrepreneurs create their companies around their own expertise. This means you might not have the partners or employees you need for collaboration, and you’ve maxed out what you can do on your own.
When you try to do everything yourself, two things happen:
First, you burn out much faster. There are no breaks, no vacations, nothing but you pouring your time and energy into the business.
And second, you don’t leave enough time to develop the skills necessary for growth. You’re too busy handling everything from marketing to sales to accounting to operations.
You’re Too Comfortable
Complacency sows the seeds of irrelevance. When you get comfortable with a certain level of success, you stop innovating and experimenting. Without innovation and experimentation, you’re allowing your competitors to gain an edge.
Step out of your comfort zone and start finding new ways to challenge yourself and your business. See where there’s an opportunity to expand in your market, enter new markets, or offer new services. It might seem scary, but you’ll never get anywhere standing still.
The Solution for Stagnant Business Growth and Self-Sabotage
A lack of business growth is often the result of self-sabotage: you’re standing in the way of your own success.
One viable solution to overcoming growth challenges is to leverage the expertise of freelancers and other professionals who can fill in the gaps and provide a straighter path to growth. It’s the simplest way to scale your workforce without taking on huge amounts of overhead. Use their expertise only when you need it with no long-term commitment.
Your challenge: identify THREE areas right now that you can outsource to someone with more knowledge, skill, and equipment than you. Then, post a job on JobHireHub to find skilled talent and discover how much faster the journey to success becomes.