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6 Biggest Reasons Why Your Small Business is Stagnating

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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

      Ivan is the CEO and founder of a digital marketing company. He has years of experiences in team management, entrepreneurship and productivity.

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      Last Updated on August 25, 2021

      Why Personal Branding Is Important to Your Career

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      Why Personal Branding Is Important to Your Career

      As a recruiter, I have met and interviewed hundreds of candidates who have no idea who they are.

      Without a personal brand, candidates struggle to answer the question: “tell me about yourself—who are you?” They have no idea about who they are, what their strengths are, and how they can add value to the company. They present their CV’s believing that their CV is the key to their career success. In some ways, your CV still has its use. However, in today’s job market, you need more than a CV to stand out in a crowd.

      According to Celinne Da Costa:[1]

      “Personal brand is essentially your golden ticket to networking with the right people, getting hired for a dream job, or building an influential business.” She believes that “a strong personal brand allows you to stand out in an oversaturated marketplace by exposing desired audiences to your vision, skillset, and personality in a way that is strategically aligned with your career goals.”

      A personal brand opens up your world to so many more career opportunities that you would never have been exposed to with just your CV.

      What Is Your Personal Brand?

      “Personal branding is how you distinctively market your uniqueness.” —Bernard Kelvin Clive

      Today, the job market is very competitive and tough. Having a great CV will only let you go so far because everyone has a CV, but no one else has your distinct personal brand! It is your personal brand that differentiates you from everyone else and that is what people buy—you.

      Your personal brand is your mark on the world. It is how people you interact with and the world see you. It is your legacy—it is more important than a business brand because your personal brand lasts forever.

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      I have coached people who have very successful careers, and they come to me because they have suddenly found that they are not getting the opportunities or having the conversations that would them to their next role. They are having what I call a “career meltdown,” all because they have no personal brand.

      A personal brand helps you become conscious of your differences and your uniqueness. It allows you to position yourself in a way that makes you stand out from the pack, especially among other potential job applicants.

      Don’t get me wrong, having a great CV and a great LinkedIn profile is important. However, there are a few steps that you have to take to have a CV and LinkedIn profile that is aligned to who you are, the value you offer to the market, and the personal guarantee that you deliver results.

      Building your personal brand is about strategically, creatively, and professionally presenting what makes you, you. Knowing who you are and the value you bring to the table enables you to be more informed, agile, and adaptable to the changing dynamic world of work. This is how you can avoid having a series of career meltdowns.

      Your Personal Brand Is Essential for Your Career Success

      In her article, Why Personal Branding Is More Important Than Ever, Caroline Castrillon outlines key reasons why a personal brand is essential for career success.

      According to Castrillon,[2]

      “One reason is that it is more popular for recruiters to use social media during the interview process. According to a 2018 CareerBuilder survey, 70% of employers use social media to screen candidates during the hiring process, and 43% of employers use social media to check on current employees.”

      The first thing I do as a recruiter when I want to check out a candidate or coaching client is to look them up on LinkedIn or other social media platforms, such as Facebook, Instagram, and Twitter. Your digital footprint is the window that highlights to the world who you are. When you have no control over how you want to be seen, you are making a big mistake because you are leaving it up to someone else to make a judgment for you as to who you are.

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      As Jeff Bezos, the founder of Amazon, once said, “Your brand is what people say about you when you are not in the room.”

      In her book, Becoming, Michelle Obama writes about the importance of having a personal brand and her journey to defining her personal brand. She wrote that:

      “if you don’t get out there and define yourself, you’ll be quickly and inaccurately defined by others.”

      When you have a personal brand, you are in control. You know exactly what people will say about you when you leave the room.

      The magic of a personal brand is that gives you control over how you want to be seen in the world. Your confidence and self-belief enable you to leverage opportunities and make informed decisions about your career and your future. You no longer experience the frustrations of a career meltdown or being at a crossroads not knowing what to do next with your career or your life. With a personal brand, you have focus, clarity, and a strategy to move forward toward future success.

      Creating your personal brand does not happen overnight. It takes a lot of work and self-reflection. You will be expected to step outside of your comfort zone not once, but many times.

      The good news is that the more time you spend outside of your comfort zone, the more you will like being there. Being outside of your comfort zone is where you can test the viability of and fine-tune your personal brand.

      5 Key Steps to Creating Your Personal Brand

      These five steps will help you create a personal brand that will deliver you the results you desire with your career and in life.

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      1. Set Your Personal Goals

      What is it that you want to do in the next five years? What will your future self be doing in the next five to ten years? What is important to you? If you can answer these questions, then you are on the right path. If not, then you have to start thinking about them.

      2. Create Your Unique Value Proposition

      Create your unique value proposition by asking yourself these four questions:

      1. What are your personality features? What benefit do you offer people?
      2. Who are you and why do people enjoy working with you?
      3. What do you do and what do people want you to do for them? How do you solve their problems?
      4. What makes you different from others like you?

      The answers to these questions will give you the information you need to create your professional story, which is the key step to creating your personal brand.

      3. Write Your Professional Story

      Knowing who you are, what you want, and the unique value you offer is essential to you creating your professional story. People remember stories. Your personal story incorporates your value proposition and tells people who you are and what makes you unique. This is what people will remember about you.

      4. Determine Which Platforms Will Support Your Personal Brand

      Decide which social media accounts and online platforms will best represent your brand and allow you to share your voice. In a professional capacity, having a LinkedIn profile and a CV that reflects your brand is key to your positioning in relation to role opportunities. People will be connecting with you because they will like the story you are telling.

      5. Become Recognized for Sharing Your Knowledge and Expertise

      A great way for you to promote yourself is by sharing knowledge and helping others. This is where you prove you know your stuff and you gain exposure for doing so. You can do this through social media, writing, commenting, video, joining professional groups, networking, etc. Find your own style and uniqueness and use it to attract clients, the opportunities, or the jobs you desire.

      The importance of having a personal brand is not going to go away. In fact, it is the only way where you can stand out and be unique in a complex changing world of work. If you don’t have a personal brand, someone will do it for you. If you let this happen, you have no control and you may not like the story they create.

      Standing out from others takes time and investment. Most people cannot make the change by themselves, and this is where engaging a personal brand coach is a viable option to consider.

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      As a personal brand coach, working with my clients to create their personal brand is my passion. I love the fact that we can work together to create a personal story that defines exactly what people will say when you leave the room.

      Other People’s Stories

      Listening to other people’s stories is a great way to learn. In his article, 7 TED Talks About Personal Branding, Rafael Dos Santos presents the best Ted Talks where speakers share their stories about the “why,” “what,” and “how” of personal branding.((GuidedPR: 7 TED Talks About Personal Branding))

      Take some time out to listen to these speakers sharing their stories and thoughts about personal branding. You will definitely learn so much about how you can start your journey of defining yourself and taking control of your professional and personal life.

      Your personal brand, without a doubt, is your secret weapon to your career success. As Michelle Obama said,

      “your story is what you have, what you will always have. It is something to own.”

      So, go own your story. Go on the journey to create your personal brand that defines who you are, highlights your uniqueness, and the value you offer to the world.

      Featured photo credit: Austin Distel via unsplash.com

      Reference

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