174 - 4 Factors Holding Your Business Back From Long-term Growth
The most successful businesses are those that start with a detailed growth plan and revisit it often. They also troubleshoot potential roadblocks before they become problems.
1. Fear of change
Businesses large and small need to evolve in order to survive. Learn from brands like Xerox, which had to disrupt legacy perceptions and communicate a new breadth of service.
Brands that are able to see threats such as the growth of digital, as opportunities, tend to be the most successful. Plan for change and get an outside in perspective from industry leaders on trends that impact your business.
2. Lack of fresh ideas
It is especially important for small businesses to be open to new ideas. You should be diligent in reading about new trends and innovation.
Numerous methods are available to allow you to listen to your customers which can reveal fresh ideas for your business. The wide variety of social media channels are great tools to engage with your customers and gain a new perspective on your current or future products and services.
3. Location
There was a time when being in a prime location with high foot traffic was enough for small-to-medium-business success. Now, with competition crowding in from far beyond the neighborhood, there’s the need to explore online opportunities and perhaps tap global markets that were unattainable 20 years ago.
The U.S. Small Business Administration is a good resource for those looking to go global.
4. Technology
Across all of these factors there’s a common thread: technology. The right technology can enable your business to engage with customers online, source new ideas and reach global markets. Any SMB looking to grow in today's digital world must think beyond hardware like smartphones and laptops and explore the cloud and line-of-business solutions available, which can help a business become more mobile, more productive and ultimately more profitable.
Source: The Business Journals
All the best!
Patty Block
