Most people that run a business focus on merely surviving. And you can understand why. A significant number of new businesses close within a couple of years of opening, and that number only increases when you reach the five-year mark, at which point 50% of businesses have shut their doors for good. Still, while survival should be the priority, it shouldn’t be the end objective. No, if you’re running a business, then you’ll want to thrive, not just survive.
This is easier said than done, of course. However, there are things that business owners can do that’ll help them unlock their potential and potentially revolutionize their operations — and revenue. In this post, we’re going to take a closer look at the things that hold a company back from reaching its full potential, as well as make some recommendations to help you avoid falling into those pits.
Low-Quality Employees
The idea for the business could be fantastic. But unless you have quality employees that can help to really bring that idea to life, then you’ll struggle to reach your goals. Many companies end up with low-quality staff for the same old reasons: they don’t know how to write job descriptions and they don’t pay well. Address both of these issues, and you’ll find that you attract strong candidates that can drive your business forward.
Low Staff Motivation
Of course, in some cases, a business can have the best employees in the world and still struggle to see major growth. And that’s usually because of poor staff management. Your employees might be talented, but unless there’s a good company culture, they’re supported, and have the tools they need to deliver their best work, then there’s only so much you can expect from them. You can improve things by really investing in your team, such as by investing in their training, developing a sense of teamwork, addressing any issues, and things like that.
No Vision
You can’t reach the top of the mountain if you haven’t decided that that’s where you’re trying to go. No one achieves great things by accident; they do so by setting a target and then working to achieve that target. So if you’re looking to push your business forward, look at setting an ambitious — but realistic — goal. It’ll help to provide the focus you need. Otherwise, you might just get stuck doing the same old things, which will only yield the same old results, and that’s OK if you’re happy with those results, but not if you want to improve.
Inefficient Working Processes
Your employees need robust, efficient working processes if they’re going to deliver their best work. It’s important to have the right technological tools on an individual level, but when it comes to an entire organization, the technological system becomes critical to success. An outdated, slow, or simply poor-performing network can make an uphill battle even more difficult. So take a look at your current IT system, and see if it’s helping or hindering your operations; if it’s the latter, then look at getting expert IT support that fits your budget to bring your system up to modern standards. It’ll help your employees work better, and will ultimately improve your bottom line.
Failure to Adapt
Take a look at the biggest companies in the world, and you’ll notice something about their backstory; very few of them are currently doing the same thing as they were doing when they got underway. Amazon sold books. Netflix sent DVDs in the post. They’re extreme examples, sure, but it does offer some guidance on how entrepreneurs should manage their own businesses: you’re not necessarily locked into doing what you’ve always been doing. If audience expectations shift, then you may decide to pivot your business to meet those new expectations. There’s no law that says you have to stay where you began; you don’t! By taking an agile approach, you might just end up in a new position that really allows you to reach your full potential.
Lack of Customer Feedback
Your customers might be broadly satisfied with your goods and services, but are they thrilled? Customer feedback can be a highly valuable asset that more or less provides a blueprint of where your business should go. After all, your business doesn’t exist for your benefit; it exists for the benefit of your customers. If you have some long-term customers or clients, look at reaching out to ask if there’s anything they would like to see from your business. They might not say anything, but if they do recommend something, then you’ll have an easy way to improve your operations — and plus, that customer will likely be thrilled that you asked in the first place.
Outdated Marketing Practices
New companies understand the importance of marketing. In fact, old companies do, too — but the difference is older companies can sometimes underestimate the new marketing climate. What was effective a decade is largely ineffective now. You could argue that the game has changed almost beyond recognition in the past couple of years. If you’ve noticed that your marketing efforts aren’t yielding spectacular results, then it could be time to hire a marketing agency. In this day and age, it’s possible to get game-changing results from marketing campaigns, but only if they’re done correctly.
Industry Ignorance
All businesses should, first and foremost, focus on their own operations. But it’s also important to understand what’s happening more broadly in your industry. If other companies are making moves that are on their way to becoming industry standard, then you should, too. Failure to do so could mean that you’re left behind. Subscribing to trade magazines and attending trade shows can keep you up to date with all that’s going on.
Small Business Mindset
Finally, one of the main reasons why businesses fail to reach their full potential is because they never lose the small business mindset. It’s important to play things safe, but not too safe. Taking small amounts of risk from time to time can have a big impact on your future profitability. Got a big idea for your business? Put it into practice, and see what happens.
