Common Obstacles Holding your Business Growth Back
Many times, entrepreneurs feel as if they’re spinning their wheels. They’re doing all this work, but not seeing results and business growth. When trying to solve the problem, instead of looking at the root cause, they look at symptoms. It’s not necessarily productivity or a lack of time that is preventing success. Here are three key reasons that many businesses don’t find business growth:
If you don’t have new customers, you can’t hit revenue goals. You constantly have to find leads that you can convert into sales. It can appear that you have a sales problem, but if you are making the conversions into sales at an average rate for your industry without seeing business growth, you may need more leads rather than sales.
If you’re getting enough leads, but can’t convert them into sales, you need to refocus on conversion. Follow up with leads can improve your conversion rate because it takes five to seven touch points before a potential lead turns into a customer.
If you’re getting leads and making sales, but still seeing a slow-down in the pipeline, then you may have a problem with scalability. Maybe you have a waiting list or backlog of orders. Streamlining your business to keep it from being stuck by automating or delegating can really free up your time to do more.
The secret to getting ahead isn’t always working 10 times harder or longer. It’s about focusing on where the problem is and solving your business growth bottleneck. Don’t just put Band-aids on the symptoms but find the root cause of what is holding your business back and solve that problem.
Muth Capital offers financing to help you take your business to new heights. Ask us about our lending options that will turn your dreams into reality.