When considering the types of business goals, revenue and profit are usually top of mind.
When considering the types of business goals, revenue and profit are usually top of mind. But what about business growth goals? This article covers five reasons your performance might be lacking and the solutions...
5 Reasons Your Business Growth Goals Are Not Being Met According To Plan
If you run a business, then you know sometimes sales are slow. Sometimes there is nothing you can do to prevent this. But you do have to take the right steps to monitor your progress to meet your goals over time.
Have you done everything you can think of, yet feel like there's not more you could do? Are your business growth goals unachieved? Find out why...
You Don't Have A Marketing Plan
Operating without any kind of written plan is a true prescription for failure. For every success there is a map to get there. Write down the steps it will take to reach your goals so you can work toward meeting them.
Your plan should forecast:
- Growth
- Spending
- Profitability
- Market penetration
- Product advertising
If you do not plan the future is left to chance. If you write a solid plan now, then you can drastically increase your chances of success in the future.
You Are Not Systemized
Systems have the potential to save you both time and money. If you want to facilitate growth, then you should have the right systems in place. This could include tracking:
- Production
- Comparing current sales to set goals
- Tracking customer purchases
- Retention rates
Screening employees is also vitally important. If you do not have a set of procedures for this, then you will see turnover and lower productivity rates. In turn, the result will be fewer sales and slower growth.
You're Not Investing
You must invest in your company. Miss this one, and you'll end up stalling as your competitors speed ahead of your brand. By not investing in:
- New team members
- Software
- Machinery
Everything will seem to work against you as the leader.
You also need to invest in your customer experience. If you want your customers to feel valued when they visit your business offices, consider using something like LoopTV.
You're Not Budgeting Enough Toward Your Business Growth Goals
The old saying goes something like this: You need to spend money to make money.
The unfortunate reality is that a lot of small and medium-sized companies tend to ignore that when it comes to marketing and advertising. The growth of your company is usually directly related to how much you choose to allocate to those efforts.
Around 9% of your annual revenue should be going to advertising. Designating less than that could result in your company not meeting your small business goals and achieving true growth potential.
You Don't Have Enough Staff
You might think that you do not have the money to hire the team members you need. That being said, you won’t make that money if you are not able to delegate duties that take you away from developing your company.
Short-term business goals are easier. Hiring enough support will keep you on track for the long-term.
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