When entrepreneurs start out, they have a clear idea of how quickly their business can grow. Business plans are set in place with an estimated growth percentage for each year. Unfortunately the reality of being a small business owner can be much more frightening. Things might look good for a few years, and then start to head downhill. Sales might hit a plateau and never make it to the next level. Worst of all, the business could go in a negative direction.
Don’t sit back and let any of these scenarios spoil your dream. Here are three reasons your small business isn’t growing, and what you can do about it:
1. Limited Repeat Business Opportunities: Most businesses grow because they have unlimited potential from customers who come back frequently to take advantage of their offerings. If quality remains the same, these businesses simply attract new customers to grow. But it is different for businesses where there is a limited amount of need. If customers only need your company once or twice, you must constantly search for new customers. The solution is to generate the maximum amount of revenue from each customer. Make your services invaluable, show other ways you can be of service, expand the service timeframe as long as possible, and add additional products or services that can elongate the relationship. Concentrate on referrals to make sure you are doing business with as many friends, neighbors and family members of existing customers as possible.
2. Lack of Balance Between Quality and Quantity: One quality that sets the small business entrepreneur apart is providing a higher level of personalized service. But this can get out of hand if too much time spent with too few clients leads to a drop in revenue. Place an honest value on your services, let clients know what they can expect in writing, and charge reasonably for services provided outside the scope of your contract. You can still be nice, but you need to be realistic as well.
3. Lack of Faith in Marketing: Small business entrepreneurs often place a few ads, get little response and start believing that marketing doesn’t work. Marketing is an on-going process that plays a key role in every strategic growth plan, but every marketing campaign you try may not generate success. The key is to know your customers and what is important to them. Make sure you solve their problems in your marketing, and be willing to change when they don’t respond to something you do.
Give Your Small Business a Boost
It is helpful to align with companies that are focused on providing information that will help your small business grow. The CFAA Training Institute has an established system entrepreneurs use to receive an insider’s education on the college financial aid industry as well as marketing advice to help each business continue to grow. Contact the CFAA Training Institute today for more information about becoming a Certified College Financial Aid Advisor™.