Common Business Growth Challenges and How to Overcome Them
Growing a business in the face of numerous growth challenges is one of the most rewarding achievements possible. Taking a venture from its earliest startup days all the way to an enterprise-level juggernaut is what many would call the embodiment of the American Dream.
But as with anything worthwhile, it’s a difficult prospect. The challenges faced by growing businesses are almost innumerable and as varied as businesses themselves, but there are some common hurdles almost every growing business has to overcome at some point or another.
Lack of a Clear Business Blueprint
When you want to go on a road trip, you want to have a destination in mind, preferably with a map. Same goes for when you embark on a journey of business growth. All too often entrepreneurs believe that growth is just a thing that happens to them. While you can grow without a plan, much like taking a road trip without a map, you’re liable to end up getting lost on the way to where you want to be.
A long-term vision for your company is one of the best ways to see meaningful, effective growth in the organization. Even billion-dollar industry leaders can fall behind without a clear plan for how to stay competitive in their market.
As you grow, your needs will inevitably change and evolve. Whether it’s managing payroll for more employees or keeping track of a much longer, more intricate prospect journey, growth and scale go hand-in-hand; as you grow, you will need to scale. The technology you started out with when you were a >$1million company are not going to cut it at the $5million mark. Here are some tell-tale signs it’s time to upgrade your tech stack to better suit your growing business:
- Your cybersecurity is woefully out of date.
- Manual processes are costing time and money.
- Revenue from digital channels is dropping and/or stagnating.
- Lack of helpful integration options between your solutions
- Your employees have expressed concerns with inefficiencies.
Upscaling technology solutions is a non-negotiable if you want to grow as a business. Failing to do so in due time will negatively impact your ability to succeed and continue expanding. Thankfully, plenty of opportunities exist for those needing to take the next step with their tech stack.
Lack of Actionable Data
This one isn’t what you probably think it is. Most organizations don’t have any lack of data. In fact, most growing organizations have too much data; so much they don’t know what to do with it. What they lack is a method to parse through the numbers and do something meaningful with them. Without in-depth knowledge of your current KPIs, you can’t have a full understanding of what steps you need to take to move forward.
Data dashboard are one of the best ways to make sense of otherwise overwhelming data. Tying it to the customer experience and keeping track of your progress will allow you to make more informed decisions. Having these reports available for ongoing analysis can be the difference between stagnation and growth.
Making smart investments in technology is key to capitalizing on trends, staying competitive with other players in your field, and continuing to grow over time. By investing in data dashboards, you’ll be able to have real-time insights into your customer’s journey that will allow you to make adjustments and pivot if need be. This kind of flexibility can help you stay ahead of the competition and increase your ROI, ultimately driving growth.
Financial Hardships/Negative Cashflow
Money makes the world go round, and a distinct lack of it will grind your growth efforts to a screeching halt. Money issues are the single largest and most common growth challenges the average business will face. There could be any number of reasons a company is failing to hit the black in financials including low customer retention, high production costs, and extraneous overhead, among others.
If your business is facing financial hardships preventing growth, there are a few things you can do to assess, identify, and course correct the issue:
- Lay out a full list of your expenses before identifying and cutting out superfluous spending.
- Brainstorm and strategize ways to increase revenue. Consider changing up prices, new product offerings, or a sale deal.
- Once money starts flowing back into the organization, build up financial reserves for future downturns.
At our core, we are passionate about empowering businesses to overcome obstacles and achieve success. As seasoned professionals, we have the tools and expertise to help you grow and thrive. For more info about how BrainSell can help your business surpass your various growth challenges, contact us today!
Connor O'Keefe joined BrainSell as the content marketing manager in 2023 but has enjoyed writing since he was old enough to spell his name. Connor's passion for creating content is rivaled only on his love for camping trips and trivia nights.View Posts
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