If you have been running a small business for a while now, the chances are good that you are itching to expand your horizons and see your establishment grow to reach its full potential. The question is, how can you overcome the obstacles that are currently standing in your way?
Below, you will find a list of some of the most common factors that prevent so many business owners from embracing the opportunity for business growth, as well as some advice on how to side-step these challenges with relative ease.
A lack of resources
Perhaps you do not have access to the technology necessary to take the next steps towards expanding your business and reaching more potential customers? Or maybe your teams need bulking up? Resources are critical to streamlining business growth, so do your best to put your expansion plans on hold until you are in a position to acquire them. In almost all cases, it can prove beneficial to take out a small business loan, but this should only be done once you have made sure that your expansion plans promise a decent chance for a worthwhile return on investment.
A lack of skills and knowledge
Steering an organization to success is no easy feat. It takes an immense amount of skill, knowledge, passion, and determination. Sometimes, reaching the next rung on that proverbial ladder means taking the time to enhance your existing business acumen. That could mean attending a few helpful webinars, speaking to business owners with larger companies and more experience, or enrolling to study towards the most comprehensive online MBA Canada has to offer.
When studying towards an MBA, you will learn the ins and outs of the global economic environment, designing and managing systems and operations, putting together organizational strategies, and creating and delivering improved and competitive customer value.
A lack of funding
As mentioned above, business loans are available to enable business growth. However, they are risky and often result in entrepreneurs paying back thousands extra in interest. The great news is that business loans are not the only options to investigate when looking to fund the growth of your establishment. Other viable funding options include applying for government grants, finding a wealthy business partner, finding enthusiastic investors, or – if you are looking to play it ‘safe’ – waiting until you have saved up enough of your own capital to cover the costs yourself.
There is no such thing as the ‘right’ funding option. It is up to you to weigh up the pros and cons of each and to decide the best route for your enterprise from there. A financial advisor can assist you in this regard for better peace of mind.
A lack of space
When you expand your product/service offering and the number of customers that you have, you will inevitably have to expand your business premises, too. A lack of space can make it difficult to deliver consistent quality and keep up with demand. This is why it pays to take on a flexible lease that you renew from month to month so that you can move to larger premises as and when your business grows without having to incur any penalties in the process.
A lack of competitive products/services
Do not spend money on developing new products and services if they are not competitive in the current market. In order to be successful, they must stand out from the products and services offered by your competitors in at least one of four ways:
- They must be more affordable
- They must be of superior quality
- They must boast new or improved features
- They must be more convenient to use or obtain
A lack of customer understanding
A deep understanding of your customers is critical to building and expanding a successful enterprise. As such, it is vital to take their opinions, needs, and wants into consideration when thinking about growing your business. What is it that they want to see more of? How can you better address their current pain points? What improvements can you make to the overall customer experience across the board – both online and in-person? These are all good questions to ask ahead of making plans to expand. Do not be afraid to reach out to your customers for the answers. Most will be more than happy to supply you with their opinions.
