One of the most frustrating aspects of running a company is when the business is not growing as quickly as the owners would like, or at all. Having a company that just ticks by from day to day is one thing, but most entrepreneurs aspire to make their company as big as it can be.
It’s sometimes easier to spot why a business might not be progressing when on the outside looking in, and here are four of the biggest barriers we’ve noticed among stuttering businesses:
1. Lack of planning
In order to grow, it’s important to get out of the mindset of getting from one week to the next and barely thinking about the future. This is inevitable to some degree in the business’ formative years, but there comes a point at which company owners need to sit down and consider where they hope to be in one, two, five or ten years.
It’s worth spending some time with an accountant here. Business owners are always full of great ideas, but a financial expert will be able to advise on how neatly they fit in with your budget.
2. No procedures in place
In a similar vein, companies are frequently held back by having no documentation of what they do or how they do it. It’s all very well saying “that person knows how to do it”, but if “that person” is off sick or leaves the company, it’s vital that somebody else will be able to take the reins.
This is why it’s not only crucial to have written procedures, but to regularly update them. Failure to do so means wasted time, disjointed processes and ultimately slow growth, if any at all.
3. Poor time management
Business owners often struggle to take the level of control they need to because they are forced to spend time completing administrative tasks.
The old cliché of working on the business rather than in it is never truer than when looking into growth, so be sure to prioritise tasks and delegate where necessary.
4. Insufficient resources
Finally, overworking your staff is another classic road to not growing as a business. It means that when the time comes to take on new staff, the existing employees will struggle to find the time to train them properly, thus leading to the new recruits making a very slow impact on the company.
For departments like accounts, outsourcing to a reputable firm can ensure that the matter is left in trained, professional hands. The time freed up as a result can allow the business owner to generate the necessary leads and develop the ideas pivotal to growing the company.