8 Reasons Your Business Isn’t Growing as Fast as You Want
If you’re like most business owners, you want to grow your business. But is the pace of growth in your business a bit slower than you’d like?
If you’re growing impatient with the lack of upward momentum in your business, you’re not alone. This is a super common experience for even the most seasoned business owners. But the key is not to get caught in these moments of impatience and allow them to steer you astray from your vision & goals.
There are only a few things that will really help you grow your business. And that's the great news because it’s not some magical puzzle that you’ll never figure out.
Here are eight reasons why your business might not be growing as fast as you'd like, as well as what to do about it. Grab a notebook & let’s dig in!
Doing work that is outside of your zone of genius.
When you started your business, chances are you learned how to do lots of tasks. But as your business grows, you simply can’t keep doing all those initial things, and more often, you’ll burn out. It’s important to get clear about the highest-value tasks in your business and align your time & energy with them.
2. Not hiring & asking for help.
One of the reasons your business is not growing as fast as you want is that you are trying to retain too much work. If your plate is full, it’s because you’re not delegating enough work or you’re still saying “yes” to too many tasks. Your business will grow exponentially when you hire help, even if it’s just a few hours a week because you can focus on the things that truly matter.
3. Not training your team to perform at a high level.
Many business owners hire help but then expect them to know how to do their jobs without much training. This is a major pitfall that will stall your business growth. As you hire people to help, you must spend time onboarding and training them to perform at a high level. And it doesn’t stop after the first few months. Giving feedback and continuing to train your team will help your business perform at a high level.
4. Not actively working on sales & marketing.
There are only two things in your business that are directly related to money coming in: Sales and marketing. Far too many business owners get caught up in thinking social media will be the gateway to their growth. And while social media can be a fantastic marketing tool, it shouldn’t be the only one. You need a solid marketing strategy that helps attract new potential customers to your business, where you can kick in an amazing sales strategy that lands the clients.
5. Waiting until you’ve earned the money to invest in your business.
Growth in business is very rarely linear, meaning we seldom earn X amount of dollars in a time that matches exactly when we need to spend it. If your growth is stalling out, it’s a signal you need to invest time, energy, and money into new strategies and tactics to improve the results in your business. Investing in your marketing & sales efforts is always smart because it’s directly related to the revenue & profit centers in your business.
6. Having a negative mindset.
Have you noticed the things you say to yourself? Things like “I suck at sales.” “I'm not great at marketing.” or “No one is signing their contracts!” These negative thought patterns can have an extreme influence on your ability to confidently grow your business. Pay attention to the words that are running through your head and consider working with a business coach or therapist who can help you learn how to repattern negative thinking that may be stunting your growth.
7. Trying to do everything on the cheap.
As a business owner, you don’t necessarily want to spend more than you have to for any given product or service. But if you’re always cutting corners on costs, you may be setting yourself up for failure. “Cheap” solutions often come with high costs in terms of poor or slow results. Good business advisors, marketing firms, accountants, and the like cost good money because they are skilled at getting you results!
8. Trying to do it alone.
Another reason why your business might not be growing at the speed that you want is that you're trying to do a lot of things alone, and you're truly not supported by other people who get it. Business owners need other business owners. You need people in your inner circle who understand what it's like to be a CEO and to build a business. Joining a mastermind for business owners is a fantastic way to get support from fellow entrepreneurs who truly get what you’re going through and will be happy to help you out.
Business growth is very rarely linear. There will be moments of ups and downs, but it’s what you choose to do in those moments of sluggish growth that really matter. Invest in your sales & marketing efforts, hire help, train your team, and foster a positive mindset. This is what sustainable growth is all about.
Hilary Johnson loves nothing more than helping her clients experience a joyful transformation in their businesses. Affectionately dubbed the “business whisperer,” she’s adept at helping her clients get to the root cause of challenges in their business and then creating an actionable, easeful plan to create change. She is the founder & CEO of Hatch Tribe and Hatch & Co Consulting, where she works as a Business Growth & Leadership Coach.