Has Your Business Plateaued?

If your business is still sputtering at the starting block, you may feel a tinge of envy when you hear about others that are succeeding. Though some elements of business growth are out of your hands, there are a few fundamental reasons why some businesses thrive and others get stuck.

If your business is not progressing well, here are a few potential reasons:

• Absence of clear and attainable goals – You cannot run a business based purely on gut feelings. At the outset, you should set clear and attainable goals with the help of your team. Make sure you always have a plan in place to make each new goal a reality with the help of your employees.
• Neglecting the tough stuff – Many business leaders try to work on the easy things first because they want to show measurable achievement. Focusing on easy tasks and neglecting the hard stuff could lead to problems, however. Business is more than a passion. The big issues could escalate beyond control. As a general rule, do the things you don’t want to do first so you can do the things you enjoy later.  Owning a business is not a free ticket to take life easy. Your business is a primary responsibility so it is critical that you devote enough time to make it productive.
• Information overload – As a business owner, you may be swamped with information that you cannot vet adequately. As the leader of an organization, you can and should delegate responsibilities. Empower others, and keep your plate clear to deal with the tasks that only you can perform.
• Stinginess – To make money, you need to spend money. Go ahead and pay a little extra to get a first-rate employee or to set a strong marketing program in motion. If you are stingy with expenses for personnel salary, capital investments, advertising or other needs, your business may be second-tier. Be ready to pay for quality.

Don’t be hard on yourself if you don’t get everything right from the get go. If you’re willing to learn, grow, and correct mistakes along the way, you will likely see the benefits as your business takes off.