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Top Things That Hinder Business Growth

Business

The success of a business does not always depend on the quality of products and services it offers. I have been able to run a pressure washing services business with the most limited resources and still managed to scale it to greater heights. Today’s world is defined by social media, branding and networking. There is always a perception that if a company grows fast, it means everything is going right. The ultimate goal of any company is to achieve continuous growth, but that does not always happen easily. There are a lot of things that must play right.

Here are top things that hinder the growth of most businesses.

No Business Plan

If you have a company, you need a vision to start from. If it is a company that has been around for some time, they need to refresh the business vision from time to time. To achieve growth, it means a company is experiencing increased staffing, production, marketing and other tasks related to expansion. When you start a business and ignore the importance of a business plan, it means you are bound to suffer long time, because you will be lacking a road map to guide you along the way.

Poor Marketing and Advertising

A well though marketing and advertising strategy can be a killer for business growth. If you have a business out there, you need your products and services to be communicated to existing customers as well as future customers. You might have some clients already, but for you to grow, you must aim at conquering new markets as well. Marketing is all round and involves activities such as product development, research and analysis of the market, targeting, customer profiling, pricing strategies among others. You need to get all these things in order.

Poor Cash Flow Management

cash-flow

Cash flow problems are one of the top reasons why most businesses fail. During the growth period, a company must spend money to make money. In most cases, you find this money is normally overspend, misappropriated because of the different processes that need to be solved or you find that money is not even available in first instance. During those times, cash needs to be properly managed. Channels must be producing consistent sales to compensate for money out.

Product line stagnation

Product line stagnation may occur due to various reasons. First, companies that offer certain products may find themselves at the center of intense competition from a rival company and find their products losing the market. Selling the same product and offering the same services might find a client already tired and bored of such services or products, and this may lead to stagnation in sales. If a company finds itself at the center of a stagnated product, all it has to do is to tap into new markets and offer better and exciting products that the market will accept. Another key reason why businesses fail is lack of insurance. Due to businesses uncertainties, a disaster might occur and for a business to survive, insurance becomes very important.

Why Dropping out of School to Start Your Business Makes Sense

DropoutDropping out of school to start a business is not always easy at it seems, or as it was done by Bill Gates or Mark Zuckerberg. However, whether you want to start a Towing Business or a Tech Business, it may make a lot of sense to drop out of school and focus entirely on your new venture. There are few cases where dropping out of college or delaying the completion of traditional education makes a lot of sense.

Young actors, dancers, athletes and musicians who are already pursuing a professional career in the teen age may find the standard schooling programs difficult to manage. Even when school hours do not conflict with their professional career, the act of waking up and planning for school may be distractive. Most opt to have private tutors or simply defer their education.

Follow Your Motivation

What seems clear in the minds of dropout billionaires is that they have a burning desire and passion behind their decision to drop out and follow their goals. Their desire is to continue something they have already started and for most people, it normally starts at the college level. When you are ready to drop out of school to follow your entrepreneurial goals, you must ask yourself the right questions. Develop the right skills that will get your startup off the ground.

Talk to your parents

It is also very important you talk through your plan with your parents. You need to discuss your dropout plans with your family as this helps to set things straight. Talking to them helps in formalizing your plan, as they are older and more experienced, and can help you make better decisions. They can help you see any blind spots in your ideas as well as support you throughout the process. If you are honest about your decision to drop out, it shows your maturity and courage in the process.

Get a Mentor

After you have made the big decision of dropping out of college in pursuit of your dreams, the next most important thing is to get a mentor to guide you through. Mentors are particularly important because they can help you cut many years of errors you would make on the way, and can give you solid advice to fast track your way to success. Look for someone who has been in the field and is worth to be a role model.