5 Signs Your Startup Should Be Growing Faster
Are you in growth mode?
- October 2, 2020
- 3 min read
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When your small business dreams are coming true and your startup has successfully launched, it might seem too good to be true — until you inevitably hit a bump in the road.
Every business experiences a rise and fall in sales at some point, and you may even notice your business is not growing as fast as you had anticipated. But there are ways to turn it around if you recognize the signs before the damage is done and get profits on the up and up. Review the six signs your business should be growing faster so you can identify them in real time and offer solutions.
So you’ve noticed a decrease in predicted sales and new customers don’t seem to be coming in as quickly. You seem to have lost the edge and don’t know why. You cannot rely on just your new business sign out front or your word of mouth with your current customers. You have put yourself and your company out there to make new connections and market your business. Joining networking groups or trade shows is one way you can turn your slump into a jump. But it shouldn’t be your only tactic to bring in new customers. Explore the many proven marketing strategies you can use to increase sales and band visibility.
If you’ve been in business awhile and haven’t started scaling, this could be a sign you need to do something different. Maybe your departments are siloed and don’t see the growth potential within the company to make a dent in the business. Maybe you’re holding on to being a solopreneur and need to enlist some help. Or it could be that you lack the business financing you need to really grow. Whatever the reason, not scaling when you have the connection and opportunity could hold you back from long-term success.
Your staff might have been swamped in the beginning so you jumped the gun and hired additional employees to fill that need, but now that business has hit a bit of a plateau, your team seems to be looking for things to do. You may need to light a fire and inspire productivity and provide guidance on where your business needs are to keep them moving. As a business owner, you know very well there’s never nothing to do.
Consider looking within your staff to see if there is a person who might be able to jump in and lead the team to growth. Promoting within the small business gives your employees a sense that their hard work pays off and motivates them to strive for more. Alternatively, you may have over-hired and if business doesn’t pick up, you may need to reevaluate your current staff and make hard decisions.
You have no concept of what is coming in and out of your company’s finances because you didn’t take the time to set up your business accounts properly on day one. Sitting down and separating your business and personal expenses for the startup business can provide the necessary data and funds to find appropriate investors or crowdfunding account holders to get your growth back on track. If you don’t know where your business finances stand, how will you know what to improve?
Your good customer reviews on several platforms were off the charts but you’ve seen a steady decrease in the amount and quality of reviews for your small business. Addressing the concerns of the bad reviews is the first thing you need to tackle. If you have unhappy customers today, you’ll have more unhappy customers tomorrow if you don’t address the root of the issue.
Next, focus on getting more solid reviews — real reviews. Promote your review platform to customers you know are happy with your product or service and consider offering a coupon or a discount on their next purchase. This simple action can lead to positive reviews, return customers and insight into improvements they would like to see made and implemented in your business.
Your business’s ups and downs are all a part of important growth stages every business goes through. The difference between those that succeed and those that fail, however, are missing the signs that are present when changes need to be made. Recognizing and adjusting your business’s navigation through the valleys and plateaus can prove to be one of the most successful tools you can utilize as a small business owner.
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