Growth isn’t the be-all and end-all for businesses, but it sure is important. If you want to build the sort of business that impacts others, provides financial support for many, and creates value for the community, you can’t sit still and rest on your laurels. Growth is a necessity.
4 Factors That Could be Holding You Back
Growth rarely happens by accident. You have to be intentional about creating a strategy that propels you forward. And at a very fundamental level, this requires you to address any issues that are holding you back. Here are some of the top factors that could be preventing your business from achieving the growth it needs to thrive over the long term:
- Scarcity Mindset
A scarcity mindset is an underlying belief that there will never be enough money, fame, pleasure, etc. to go around. Entrepreneurs who operate within a scarcity frame of mind tend to clench their fists and experience bouts of stress, fear, and anxiety.
“On the other hand, an abundance mindset flows out of a deep inner sense of personal worth and security. It’s grounded in the belief that there is more than enough for everyone,” entrepreneur Jessica Dowches-Wheeler writes. “An abundance mindset can help us relieve our fears and anxieties in these uncertain times. When we feel secure and confident about what we already have (whether that’s enough food, or enough knowledge), we’re channeling an abundance mindset.”
It may be that you need to flip from a scarcity mindset to an abundance mindset. It can be a rough transition, but you have to make yourself do it. Give, give, and give some more before ever expecting to get anything in return.
- Flawed Website
In today’s online age, your website matters more than you realize. It’s not just a billboard for your brand – it’s your brand’s digital real estate. It’s your slice of the internet and it must be cultivated. A flawed website could be costing you revenue and reputation.
The challenging aspect is knowing where your website is flawed and why you’re underperforming. An SEO site audit can help you unpack what’s going on beneath the surface so that you can implement a proactive and corrective plan for growth.
- Inconsistent Marketing
Consistency lies at the core of marketing. If you aren’t consistent, you’re hurting your efforts. Here are two ways this commonly happens:
- Inconsistent content strategy. The first problem is a lack of consistency in publishing quality content. You might publish a couple of blog posts one week and then not post anything for a month. Or you might only share social posts every few weeks when you want to drive traffic back to your website. (As a result, nobody takes you seriously.)
- Inconsistent messaging. The second problem is less common yet more serious. If your voice and message are inconsistent, people lose trust in you and find it difficult to connect on any meaningful level. Rather than helping them solve a problem or accomplish a specific objective, you only confuse them.
Correcting both of these issues will give your marketing a boost and make you much more competitive in the larger marketplace.
- Lack of Cash
Cash is king in the business world. You need cash if you want to grow. And without cash, your prospects for growth are significantly hindered.
If your business is operating with a lot of debt and high overhead costs, address these issues first. Once you’ve freed up cash flow, it’s important to develop an emergency fund. (This is a cash cushion that allows you to address any unforeseen issues as they emerge.) Finally, with the proper cash infrastructure in place, you can begin leveraging your financial resources to foster growth in key areas.
Put Your Business on a Growth Trajectory
Growth doesn’t happen overnight. It doesn’t have to be rapid or even noticeable to the naked eye. But if there’s one thing for certain, it’s that growth needs to be happening at some level at all times. However gradual or subtle, your business needs to be in a constant state of action. And by addressing the factors outlined in this article, you can increase your chances of doing meaningful work that impacts as many people as possible.