If you are a small business owner, it is very easy to lose your main vision, mission and objective focus, and invest your valuable time in worthless ideas. As an entrepreneur, executive, or leader, who focuses on opportunities for small business growth can be very challenging when you deal with the crisis that will immediately distract you from strategic business planning.
Therefore, it is important that you spend quality time to develop a business strategy to navigate your company, set out clear goals and goals, and achieve the results you want.
In 2011, the blueprint of the largest small business problem faced was released by the Institute of Director. The report clearly identifies the main problems that challenge small business growth and how they have an impact on their survival. The purpose of this article is to help you understand how to change the problem to grow your business and increase profitability.
1. a lack of a clear plan
Did you know that many small business owners run their business without a business plan? Obviously, there is no business that operates without growing plans.
If you want your business to grow faster, make sure you invest quality time regularly in business planning activities. If you already have it, it is also important to revise and update with the current trend.
2. Ineffective leadership
Often you find that almost 85% of small business owners and executives are burdened with responsibility for almost everything in their business. You constantly find yourself in the habit of switching from your main leadership function to manage thus losing the concentration you need to grow your business.
Every time you lose the focus of the role and responsibility of your main leadership, you always position your business to fail. You must always focus on your core priority function to maintain your effectiveness.
3. lack of execution
The lack of execution is probably the main problem of business owners.
Did you know that leaders and executives spend less than an hour a month to develop a business strategy? Even worse, they did not carry out the strategies they developed and their employees never realized it.
It doesn’t matter how realistic your business strategy is on paper, if you are not committed to taking enough action to implement it, the business will suffer. Be sure to break down your strategy into small steps that can be followed up that you can achieve every day. Start with the smallest part first.
4. Effectiveness of marketing and sales
No matter what your business is established, if you don’t make enough sales to cover your costs and make a profit; Your business might not grow. Marketing and sales are key elements of the continuity of business work and must be planned correctly.
Planning your marketing and sales requires that you must understand the values of your product or service that is intended to send to your customers and develop business strategies to really make it. You know, you must learn to approach your prospects from the point of view giving solutions to their problems. Successful in this way means you have to include cures, value, and the benefits of your product / service offering your target market.