It happened to me too. When I had just quit my job as a bank manager and started as a self-employed in the lettering business, everything went quickly and smoothly with my company. And suddenly, I could not understand why everything got stuck.
Luckily, I did not stop there. On the contrary, I continued to work – but in a unique way. I changed my business. And now—having worked with hundreds of entrepreneurs—I have pinpointed the top four reasons a business stall.
Your way of working hinders your growth
When I started in the world of lettering, my environment did not understand. My friends and acquaintances said I would have to work a lot and not earn much. My family thought so too.
And indeed: I could not make millions, no matter how hard I worked. After all, there are twenty-four hours in a day. That fact does not change, even by working harder. He is mainly concerned with working differently.
When I tell other entrepreneurs this, they question it.
“Yeah, but that does not work in my business.”
“That might work in the lettering in which you were active, but ‘working differently,’ that does not work for me!”
Of course, in some companies, this is less obvious than in others.
But ‘less obvious’ does not mean ‘impossible’!
Boredom strikes
It is amazing how many entrepreneurs get bored over time. Maybe you are in such a period?
Boredom makes you stop thinking about your business; you contain marketing. You no longer focus on the main thing. The growth of your company is on the back burner.
It seems you would be better off starting a new business at such a moment. Or you become interested in setting up a new project instead of finishing or optimizing your existing project.
I understand that. I have had those feelings too.
But you are starting something new because you are bored? That is pure madness!
Imagine:
You have an ATM that is constantly spitting out $100 bills. Then why would you try to rewire it?
Because no matter how you turn it, that is what entrepreneurs do when they take the focus away from their main money machine.
Your growth is stagnant due to a lack of people
If you read the theories of some marketers, you would almost think every entrepreneur makes easy money. They claim you should only do internet marketing (Facebook, LinkedIn). Then the money. To be honest: I know entrepreneurs who fit into this picture. But they are the peculiarity to the rule.
Almost all companies need employees to grow. Or at least outsourced employees, people who work part-time for you, freelancers.
If your growth has stalled, then the time may be suitable to invest in an employee (or two) to accelerate growth.
An employee is risky. For many sole traders, a first employee is a deterrent. That makes sense because when you invest in employees, your wage costs go up, and your short-term returns go down.
But you know? You are an entrepreneur. This is simply part of the job. Successful entrepreneurs take on a (reasoned) risk. And no less than 99.99% of companies need employees to earn money.
An explains how you too will find that A-player who will stay with your team.
You focus too much on externalities to grow
While writing this Business Tip, An and I are busy planning our marketing strategy for next year. There are some innovative marketing tools on the list.
But we do not just focus on external ways to grow our business.
There is still a lot on the agenda. We are looking into how we can improve the performance of our employees and how the number of referrals can increase.
We generate millions in new revenue and lower costs by improving performance by focusing on internal improvements.
You are missing tons of dollars if you do not think about how to manage your internal issues better.
Growing your business is not always easy. But at the exact time, it can be pretty straightforward. You have to want to invest.
Invest in yourself, in the education of your company.
Invest in your business by hiring the right people.
Do all this while focusing on improving your systems and procedures.
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