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6 Biggest Reasons Why Your Small Business is Stagnating

6 Biggest Reasons Why Your Small Business is Stagnating

These days everyone wants to be an entrepreneur, so way too many people rush into the world of small business headfirst, without taking into consideration the many variables that can make you or break you. Some even luck out and are able to quickly learn from their mistakes on the fly, but most fail within the first year. This is why you see a few people at the other end of the spectrum – fairly ambitious, yet careful and calculated.

The careful approach can be a good one, but it is easy to get bogged down in various technicalities and have your business stagnate. If you are interested in promoting growth and expanding your business, then you should try to address the common issues small business face, which are discussed in more detail bellow.

1. You don’t engage your customers

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Reaching out to customers

    “Engaging the customers” is kind of a broad term, so let’s look at some of the different aspects it covers:

    • Good customer service
    • Rewarding loyalty
    • Inspiring trust
    • Social media interaction
    • Asking for feedback

    If you want to learn more about what the customers want, then go and ask them. Granted it takes a bit of work, but developing a great relationship with the customers and building a loyal following has many benefits. This extends to online shopping as well. Whether you are opening online shop or want to start selling your goods on Amazon, there is a right way to do things. It involves creating a great shopping experience for the customers. This means that they can find what they are looking for effectively, have access to interesting offers if they buy multiple products, can get in contact with you and sort out any problems, and they need to be able to finish the whole process quickly.

    2. You try to do to everything yourself

    It’s one thing to be very hands on and not want to delegate simple tasks, but once you start doing 4-6 different things it keeps you away from the really important stuff. Let’s say you are a great cook and have opened your own restaurant. You need to be focused on keeping the quality of the food and the service up to standard, and on making the right adjustments.

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    If you suddenly start mopping the floors, acting as head chef, doing your own accounting, promoting the restaurant on social media and posting two articles a day on your website’s blog, chances are you are going to burn out, and the restaurant will be in a poor state. You don’t have to hire an army of people, but be sure to delegate the heavy grunt work and focus on making business decisions and managing your employees.

    3. You don’t utilize modern technology to its full potential

    We’ve already touched on the importance of social media interactions, but small business can be greatly improved through the liberal use of online technologies. With fast and adaptable approaches to software development, i.e. focusing on agile methodology, it is possible get exactly what you need in a relatively short time, through effective communication with the developers and on-the-fly tweaks.

    A good website allows companies to reach out and market themselves to an international audience, while the right custom software helps them significantly improve their efficiency, cut down on costs, and. For retailers and restaurants, switching to a more modern POS system can make a huge difference, while many different small business can save time and money in the long run using applications specifically tailored to their needs.

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    4. You don’t set yourself apart from everyone else

    Standing out

      A business can do quite well, and stay afloat for years making a modest profit even if it doesn’t have any special features that make them particularly unique or appealing. However, you never want to get into the “let’s just get by” mindset, as it will all but ensure that your business never grows past those initial stages. Unless you are dealing with a very limited niche market, you will have to deal with a relatively saturated market, so any defining feature that helps you stand out and makes people remember you is going to be a key component in sparking growth.

      5. You focus on growth at the expense of everything else

      There will come a time where you have enough of a demand for your products and to warrant expansion, and an efficiency that allows for this expansion to happen. However, it needs to be done strategically. A lot of entrepreneurs make the mistake of jumping at the opportunity to expand their business at the first chance they get, and focusing all their energy on that goal. This can lead to a drop in quality of service as you start spreading your resources thin. It is important to scale your growth based on what you can realistically handle without sacrificing productivity or quality.

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      6. You can’t handle the extra workload effectively

      This is a direct extension of the last point. A lot of people believe that once their business starts growing things will magically fall into place and that they will be able to sit back and let this well-oiled money-making machine of theirs keep growing exponentially. Unfortunately, this is not the case. As your business grows so do your obligations and complications. It’s easy to underestimate the level of work that goes into it, and face the sobering truth – you are not prepared to take on the extra workload. This is where things can really fall apart, forcing businesses to work hard just to stay afloat, let alone turn a profit.

      Even if you make the first big steps and start growing your business, you can still hit a wall if you haven’t planed things out right. It’s similar to how Hollywood movies often go well over the initial budget as the production drags on, and many of them end up as scrapped projects as a result. Be realistic about how much a project will cost and how much time and effort it will take to see it through. If you are overconfident and don’t anticipate little setbacks and hidden costs, you may very well cut yourself short and keep stagnating.

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      Ivan Dimitrijevic

      SEO Consultant

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      Last Updated on November 5, 2018

      20 Best Places to Work for a Great Career in 2018

      20 Best Places to Work for a Great Career in 2018

      Looking for a job? There’s no doubt to the fact you will want to work with a company that appreciates you for who you are.

      Well, good news. The labor market today is one that has peened up with more opportunities for advancement and personal employee improvement. This is partly due to the fact that a lot of companies have been made to understand the value of their biggest assets: the employees.

      To wit, here’s a list of companies- across a wide array of industries- that have been able to develop working environments that are healthy and accommodating to workers.

      Take a look at these 20 best place to work for a great career:

      1. Salesforce, San Francisco, California,

        Salesforce is in the information technology business and the company ranks highest due to their commitment to learning and innovation. They are ready to try new things and everyone with a new idea is always welcome to share it at the company. The company has also been known to exhibit an exceptional approach to alignment.

        Find out more about careers in Salesforce

        2. Wegmans Food Markets Inc.,Rochester, New York

          Based in Rochester, New York, employees have been known to enjoy a sense of purpose from working here. The company has been able to achieve an optimal level of engagement across all working tiers and they’ve been able to achieve great things together. They even do deliveries.

          Find out more about careers in Wegmans

          3. Ultimate Software, Weston, Florida

            Employees get amazing benefits here but that’s not the only reason why this place is so awesome to work. Whenever there is a need or a death of an Ultipeep or any of other family members, the company shows love and support like no other.

            Find out more about careers in Ultimate Software

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            4.The Boston Consulting Group, Inc., Boston, Massachusetts

              Development is at the center of anything that goes on here. The business is about people and employees are the company’s biggest asset. Employees are able to challenge the status and also leave impacts on clients.

              Find out more about careers in The Boston Consulting Group

              5. Edward Jones, St. Louis, Missouri

                Edward Jones is admired for their ability to acknowledge history without being mired down by it. The company builds on a solid foundation but there is also a level of flexibility that allows for innovation.

                Find out more about careers in Edward Jones

                6. Kimpton Hotels and Restaurants, San Francisco, California

                  Kimpton is a trendsetter in the hospitality industry. The company always strives to try something different and that perspective is welcomed there at all times. Enjoy the weekends with luxury rooms, conformable mattress, furnished and well dressed service staff. A great opportunity for job seekers.

                  Find out more about careers in Kimpton Hotels and Restaurants

                  7. Workday, Pleasanton, California

                    Newbies will find no issues with feeling welcome and at home here as this has always been a core culture component of the IT giant. Everyone is treated like family and this fosters a sense of oneness.

                    Find out more about careers in Workday

                    8. Genentech, South San Francisco, California

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                      Here, employees are encouraged to be themselves. There is a feeling of care, safety, and acceptance that you get here that you can’t get at many firms. The development of an all-inclusive environment has always been foundational.

                      Find out more about careers in Genetech

                      9. Deloitte, New York, New York

                        Deloitte is one of the biggest professional service providers in the world, noted for their focus on constant learning, development and improvement. They invest in their employees and are concerned about their well being.

                        Find out more about careers in Deloitte

                        10. Baird, Milwaukee, Wisconsin

                          Baird is a financial services provide that is known for adopting a “no asshole policy’ which guides the way people relate with and respect each other, regardless of their position on the company’s hierarchy.

                          Find out more about careers in Baird

                          11. Quicken Loans, Detroit, Michigan

                            At Quicken Loans, the views and opinions of everyone are respected and heard. The organization is revered for the amount of investment they put in their team members and everyone looks for ways to grow and be better.

                            Find out more about careers in Quicken Loans

                            12. Capital One, Mclean, Florida

                              Capital One has adopted a culture that encourages employees to take risks and try new things. They foster a healthy work-life balance and associates are challenged to live better lives.

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                              Find out more about careers in Capital One

                              13. Cooley LLP, Palo Alto, California

                                Cooley LLP is a law firm known for their ability to care about the company culture and being able to develop a working environment that is empowering and fun. Cooley is known to go for the best when it comes to their employees, regardless of the occasion.

                                Find out more about careers in Cooley LLP

                                14. Southern Ohio Medical Center, Portsmouth, Ohio

                                  The medical center has been known for their propensity to delegate so much to their employees, thereby providing them with the ability to grow and learn on the job. In the end, you get a workplace that is all-engaging and super fun.

                                  Find out more about careers in Southern Ohio Medical Center

                                  15. American Express, New York, New York

                                    American Express is a firm that celebrates wins, no matter how small. Everyone is made to share the same attitude towards service and the people they are to serve, thereby making people care about what they do.

                                    Find out more about careers in American Express

                                    16. Adobe Systems Inc., San Jose, California

                                      The culture at Adobe Systems is one that encourages employees to develop their own ideas and get a strong viewpoint. As opposed to encouraging competition, work-life balance is fostered everywhere here.

                                      Find out more about careers in Adobe Systems Inc.

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                                      17. The Cheesecake Factory Inc., Calabasas, California

                                        The Cheesecake Factory rewards dedication and hard work. Promotions come pretty easy, and there is always space for guidance to develop your experience and skills.

                                        Find out more about careers in The Cheesecake Factory Inc.

                                        18. Sap America, Newtown Square, Pennsylvania

                                          If you’re looking for a new career path, SAP might be the best bet for you. The company is adept at recognizing value and transferable skills. And you can always look for a new path while maintaining your employment.

                                          Find out more about careers in Sap America

                                          19. NVIDIA Corporation, Santa Clara, California

                                            NVIDIA is known for looking after even the smallest of things. With even a “pets allowed” policy this company accepts you for who you are, and helps you to work within your personality. Advancement is also fostered, and you are able to collaborate effectively.

                                            Find out more about careers in NVIDIA

                                            20. KPMG LLP, New York, New York

                                              Communication and progressive collaboration are the foundation of this company’s workforce treatment. Regardless of the level you are, someone is always at the ready to help and the company rewards extra effort with gratitude.

                                              Find out more about careers in KPMG LLP

                                              All in all, it’s safe to say that you will be able to find somewhere to apply your skills (whatever they are) that is all inclusive and highly accommodative. Companies today are being made to understand how much they can get when they treat their employees right and this has opened the door to an encouraging work environment for all.

                                              Happy job hunting!

                                              Featured photo credit: Pexels via pexels.com

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