You started your business several years ago, and it was growing for a while. However, over the past number of years it has plateaued, and you just don’t know why you can’t get your business to expand beyond where you have it now. So, what is the problem? Here are 5 reasons why your business may not be growing at the rate you believe it should grow.
You Have No Destination Planned Out – All great businesses chart their destination years in advance. Have you written down where you want your business to be in 5 years? 10 years? 15 years? Most businesses owners don’t do this because “I just don’t know what the future holds, so how am I supposed to plan for that future.” Here’s the thing….if you don’t know where you are going, all roads will lead you there. Your destination does not have to be perfect, but you need something identified to create a “North Star” to aim at what direction you are going.
You Are Not Using “The Law of the Vacuum” – So what is The Law of the Vacuum? The law of the vacuum states that the universe dislikes empty space. And it will fill it up with good things or bad things. And what’s great is, it’s a choice. And it’s your personal choice. So, for example, if you get rid of bad customers and clients, what happens? New and better customers and clients arrive. Look at expansion opportunities and know that The Law of the Vacuum will help you fill up that extra space, or equipment, or employees that you bring on board.
You Fail to Reinvest the Profits from Your Business Back into Your Own Business. – So, you’ve made lots of profits in your business over the years and to reward yourself you decide to buy a boat……..a really big and expensive boat. Not cool. Remember, the purpose of profits is to reinvest that money where it will typically make the most money over time. In almost all circumstances that would be your own business. You can reap the rewards of the success for your business once you have achieved your growth goals, but not before.
Your Systems Won’t Allow You to Scale Your Business – In the early stages of your business, you were able to keep control of your own business through the sheer effort and knowledge you possessed. However, unless you start documenting all of the processes, procedures, and techniques you your employees can use, they will be dependent on you, and therefore the business does not grow.
Your Employees Are Not Trained to Run a Larger Business – You might have some good employees right now who know how to do the things you ask of them, but imagine they must supervise 6, 8, or 10 employees to do what they do now. Could they do it? If they haven’t been trained on management and supervising employees, probably not. Your employees of today are designed to be the managers and leaders of tomorrow, so make sure they are ready for that now.
If you want your business to grow, take a look at the list above, and start putting together a plan on how to overcome what is stopping you and your growth today.
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