Advertising
Advertising

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

Advertising

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.

    Advertising

    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.

    Advertising

    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.

      Advertising

      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.

      More by this author

      Ivan Dimitrijevic

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

      50 New Year’s Resolution Ideas And How To Achieve Each Of Them 8 Fun and Unique Birthday Party Ideas for People in Their 20s 50 Cleaning Hacks for Your Home That Will Make Your Life Easier 40 Amazing Date Ideas for Valentine’s Day 9 Unexpected Benefits Of Foot Massage That Make You Want To Have One Now

      Trending in Work

      1 How to Use Visual Learning to Work More Effectively 2 The Lifehack Show Episode 10: Dealing With Burnt Out Bosses 3 10 Huge Differences Between a Boss And a Leader 4 10 Best Career Books To Help You Do Work You Love 5 7 Strategies to Keep Employee Motivation High

      Read Next

      Advertising
      Advertising
      Advertising

      Last Updated on November 5, 2019

      How to Use Visual Learning to Work More Effectively

      How to Use Visual Learning to Work More Effectively

      Knowledge is essential to become successful in life, your career and your business. Without learning new concepts and becoming proficient in our craft, we cannot excel in our chosen careers or archive knowledge to pass down to the next generation.

      But content comes in various forms, and because how we learn influences how much we know, we need to talk about learning styles. This article will focus on how to utilize visual learning to boost your career or business.

      The Importance of Knowing Your Learning Style

      Knowing your learning style enables you to process new information to the best of your ability. Not only does it reduce your learning curve, you’re able to communicate these same concepts to others effectively.

      But it all starts when you’re able to first identify the best way you learn.

      As a college student, I soon figured out that taking online courses without visual aids or having an instructor in front of me led to poor retention of concepts.

      Sure, I got good grades and performed excellently in my online exams. However. I discovered that I couldn’t maintain this performance level because I forgot 80 percent of the course content by the end of the semester.

      There are several types of learning styles known to mankind. To give an idea of how visual learning stacks up against other learning styles, here’s a brief mention of some of the different types of learning styles we have.

      The four most popular types of learning styles are:

      Advertising

      • Visual learning style (what this article talks about).
      • Aural or auditory learning style (learning by listening to information presented).
      • Verbal or linguistic learning style (learning that involves speech and writing).
      • Tactile learning style (learning by touching and doing)

      But for the purposes of this article, we will be focusing on using visual learning to boost your career or business.

      How to Know If You’re a Visual Learner?

      When it comes to boosting your career, business (or education), a visual learner is one who would most definitely choose shapes, images, symbols, or reading over auditory messages.

      I’m talking about preferring to read an actual map when navigating to a new place over listening to verbal directions. I’m talking about discovering that you actually have trouble remembering what your manager said at the meeting because there were no graphs or illustrations to support the points raised.

      Most people who struggle with learning probably aren’t leveraging their best learning styles. The earlier you identify how your learning style can boost your success, the less struggle you will encounter with processing new information throughout your career.

      However, visual learning in particular CAN 10x your career or business whether it is your preferred learning style or not. And here’s why:

      Several studies have arrived at the conclusion that the brain retains more information with the help of visual aids. In other words, images are directly processed by our long-term memory which helps us store information for longer periods of time.[1]

      While some lessons can be performed orally, several concepts can only make sense if you have an image with an explanation of sequences (i.e learning about the human DNA).

      Visual learning does use a different part of the brain and visual cues are processed by the part of the brain known as the occipital lobe.

      Advertising

      By engaging more parts of the brain during learning, you’re able to have a fuller understanding of concepts and facilitate better interaction with your immediate environment.

      How to Use Visual Learning for Success

      Here’re 4 ways to use visual learning to boost your career or business:

      1. Bring back the to-do list. Then add shapes and colors to boost productivity.

      We live in an age where computers have taken over virtually every aspect of productivity and most human functions. But written lists are making a comeback, and with an endless number of important tasks to complete, having a to-do list of tasks in order of importance can improve your productivity.

      While coming up with a list is initially challenging, adding colors and shapes to written lists that you personally write and manage gives you an extra layer of assurance and boosts aids recall so that you actually get stuff done.

      I have tried this technique in my work as a registered nurse and discovered that adding shapes and colors to to-do lists helps me delegate tasks, recognize where more work is needed, and makes it easy to cross off completed tasks at the end of the day.

      2. Add graphs, charts and symbols to your reports.

      Yes, it seems like more work cut out for you. However, graphs enable you monitor the heartbeat of your business.

      Graphs and charts help you trend your finances, budget, and pretty much any data overtime. With the help of free and premium software available on the market, it has become easier to take plain data and in a matter of seconds, have relevant information displayed in different shapes and images.

      As an entrepreneur, you can make predictions and allocate funds wisely when you’re able to see whether your efforts are rewarded. You can use colors and charts to delegate actions to members of your team and track performance at the same time.

      Advertising

      And when broken down into monthly, quarterly, bi-annual or annual goals, graphs and charts communicate what ordinary text cannot.

      3. Effectively brainstorm with mind-mapping.

      Mind-mapping is not new but I don’t think it’s been talked about as often as we do to-do lists.

      With mind mapping, you’re organizing information accurately and drawing relationships between concepts and pieces from a whole.

      Think of a mind map as a tree with several branches. For example, the tree can symbolize healthcare while each branch stands for nursing, medicine, laboratory science, and so on. When you look at nursing, you can further branch out into types of nursing; pediatric, women’s health, critical care, and so on.

      It’s an interesting relationship; the more ideas you’re able to come up with for your chosen subject, the deeper you get and the stronger the association.

      Mind maps really show you relationships between subjects and topics, and simplifies processes that might seem complicated at first glance. In a way, it is like a graphical representation of facts presented in a simple, visual format.

      Mind mapping isn’t only limited to career professionals; business owners can benefit from mind mapping by organizing their online learning activities and breaking down complex tasks into simple actions so that you can accurately measure productivity.

      4. Add video streaming to meetings.

      What if you could double the productivity of your team members by video streaming your meetings or adding flash animation to your presentation at the same time?

      Advertising

      When you offer video as an alternative method of processing information to colleagues, there is a greater chance of retaining information because we recreate these stories into images in our minds.

      For organizations that hold virtual meetings, it can also be an effective way to enhance performance during if people can see their colleagues in addition to flash animation or whatever form of video is provided during the meeting.

      Is Visual Learning Better Than Other Learning Styles?

      No, that is not the point. The goal here is to supplement your existing dominant learning style with visual learning so that you can experience a significant boost in how you process and use everyday information.

      You might discover that understanding scientific concepts are much easier after incorporating visual learning or that you’re able to understand your organization’s value when projected on a visual screen with charts and graphs.

      The overall goal is to always be learning and to continue to leverage visual learning style in your career and business.

      More About Learning Styles

      Featured photo credit: Unsplash via unsplash.com

      Reference

      Read Next