There are many reasons why small businesses stay small. Perhaps the owners do not know how to expand. Maybe there is too much competition in the area. Or, the market is saturated.
Did the business owner fail to do the research ahead of time? Often the problem is less clear than that.
Trying to be modest is an admirable quality, but you have to push it a little in business. If you downplay your business, others will too. You need to be singing the praises of what you do to anyone and everyone. Getting people talking is how to encourage word-of-mouth sales. Chat with people you meet everywhere. And don’t forget social media. You can instantly connect with potential clients/customers in a major way.
You need to have a bigger picture of your business. Don’t just focus on the day to day running of your business. Where do you see your business in the future? Do you want to branch into other areas of service or products? You need to visualize what you want. And, here’s the biggie…write it down. Make your plan as clear as day. Create the steps you are going to take to get there. If you don’t have a vision, how are you ever going to change what you are doing? If you don’t have steps to take, you will be floundering around in the dark. So, take a few days to brainstorm where you are going and how you’re going to get there.
Now that you know where you’re headed think about your day to day priorities. Many tasks get flung in your direction as a business owner. The easy thing is to spend a lot of time being busy with tasks. But busy does not mean productive. It is crucial not to waste your time on tasks that are less important. Some tasks feel urgent, because of a deadline. Are these tasks important? Review your “bigger picture” plan. Ask yourself if the task on your to-do list will move your business toward the bigger picture. If not, scrap it or delegate it.
You may have started your business thinking you should keep charges low so people will buy. But when you declare the value of a product or service, that is the value people believe it has. Be open to up your prices. You have more experience now and know how to provide a good service. Why not reflect that in your prices? Don’t just study what you’ve been earning, project what you could be earning. Don’t avoid change out of fear, in pricing or anything else. Lack of change is another reason why businesses stay small.
The final reason why businesses stay small is that entrepreneurs often think they have to do it all. In the beginning, it’s a rush to be doing your own thing, and you will find yourself working (or thinking about working) all the time. But this is not sustainable. On an airplane, you are told to place an oxygen mask over your face before helping others. In business, you have to look after yourself first, too. Only then will you maintain your health and sanity enough to push your business to the next level. Don’t forget about delegation. There are writers, accountants, and virtual assistants readily available online 24-7. You should be thinking about outsourcing tasks or passing them on to your staff at all times.
There are two kinds of risk in business. Both of them are dangerous for different reasons. There are business founders who take on too little risk. They invest too little time or money, and they never quite reach their goals. Some entrepreneurs take on too much risk. When you take on too much risk, it might be impossible to recover.
Although there are some reasons why small businesses stay small, they are easily avoided with a little bit of effort.
The post 6 Reasons Most Small Businesses Stay Small appeared first on Small Business Advice Help For Startups and Entrepreneurs.