Business growth could be limited by various measure regardless of the type of business you run. Take a plant for instance, if it doesn’t have enough water, its growth would be slow or even die. Every one wants to Start a business and watch it grow but some factors need to checked to ensure a smooth sail.
Below are few points to think about:
1. Adequate Finance
Money could slow down a business if it’s not available at the point of need. Whether big or small, you need money to run the business at every point in time. So if you are not well prepared financially, your business growth might drag.
I’ve mentioned this before, whatever time lost, takes another cycle to recover. Time waits for no man. What I mean here is that most people do the wrong things at the right time, which is detrimental to the success of their businesses.
Some business owners are never conscious of time, they run their businesses at their own pace. Forgetting that they deal with clients or customers who are time conscious. Many entrepreneurs have lost reasonable clients because of their lackadaisical attitude to time. If you must run a smooth business, you need to pay attention to time management.
3. The Market
If your business is situated in a wrong market, it will struggle for growth. Every market has it’s needs. In other words, let your business solve a problem. Therefore, research the market to be sure of the service you want to provide. Ensure, there is a demand for your product or service in your market before setting up.
4. Lack of skilled workers
If all you do is look for cheap labour, you will definitely get what your money can pay for. You need highly skilled staff to provide quality services. Invest in quality employees to attract quality customers. This is why bigger companies employ knowledgeable and experienced workers to gain customers’ trust and confidence.
5. Premature Business Expansion
Some of us are over ambitious and our quest for growth and expansion is unbelievable. The question is, how have you managed the one you are currently running? What is your success rate? Managing a business is a planned act and must be carefully thought out.
Don’t open a new outlet if you are not sure of how to manage it. There is a limit to what a man can successfully manage. Beyond that point, supervision will become lax, materials will be wasted and machinery mishandled. Cost will overtake profits, and in the end, the profits may vanish
There are lots more factors that could limit a business growth. Feel free to add more points in the comment box below.
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