By: First Union
What's Holding Your Business Back – And What Can You Do?
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Running a business most definitely comes with its challenges. You wear many hats, you likely work long hours, and you probably face challenges daily. It is in how you embrace the challenges and grow from them that your company can realize its full potential. And yet many entrepreneurs often stand in their way. Knowing what it is that is holding you back and making changes accordingly, is so important for the life of your small business.
- Do you have issues when it comes to trusting your team? Believe it or not this is a very common problem for many business owners. They started the company; it was born from their ideas and thus it stands to reason that they are the only ones trustworthy enough to get things done as they need to be. This could not be further from the truth. Successful businesses are built with teamwork. You cannot handle every single task. And micromanaging is bound to backfire at some point; entrusting those you've hired to do their jobs will ultimately help your company flourish.
- You are not providing enough growth opportunities for yourself and others. People are constantly learning—on the job and in life, generally speaking. Professional growth especially is essential to taking a business to subsequent levels. Pay attention to your vocational growth as well. Take classes, offer classes to employees. Read books in your field. Attend webinars, and never stop trying to learn more.
- Are you automating daily tasks? While perhaps some tasks need to be done manually, there are so many things that on a day to day basis could be automated, thereby saving you time and money. Sending out reminder emails for example is one such task that could easily be automated. Issuing invoices, another. It's critical to take a good look at how you spend your time during a given day to be able to figure out how to maximize that time for the benefit of the business.
- Your marketing efforts are minimal. Even though you may not have a huge marketing budget, you still need to have a plan in place. Running a successful company is all about attracting customers. Without marketing—well, there simply are no customers. You can get creative with your marketing campaign; from social media strategies, to referral programs, to contests, there are ways you can help your company experience measurable growth.
- You fail to plan. This is key. Having a definitive direction and subsequently devising a plan for taking your business in this direction is the only way you're going to realize true growth. If you're simply winging it and hoping for the best, odds are, you're going to stumble. Talk with your team on this one and get their input as well regarding a future direction.