5 REASONS THAT CAN HINDER YOUR BUSINESS GROWTH AND YOUR SUCCESS

This blog intends to give you helpful ideas if at all you are planning to start a business or you are operating one already.   These inspirational thoughts are meant to be engaging and valuable to make you prosperous in business.

You probably know WHY it is important to own and operate a business in this era of Magufulication.  Unless you have a fully satisfying JOB that can cater for all your needs, keep you out of DEBT, utilize your TIME fully and you never COMPLAIN.

If you are not in this LUCKY group which rarely none of us belong to, THEN you need to own and operate a business with prospects to GROW and make you SUCCESSFUL.

Unfortunately, majority of businesses aren’t growing and their owners aren’t successful because of these 5 reasons.

1.      Failure to have a specific market clientele

It is important to identify your specific customers. Who are you targeting? Many small businesses when asked to mention their specific customers fail to do so. They tend to think that anybody is their customer. No, it doesn’t work out that way and this kills many small businesses.

If a business doesn’t have specific customers or special target group its chances of success are minimal. This is the reason why even BIG companies have different products/services for different market segments.

You need to identify your target market, who are your specific and special customers and this will help you know where to find them, how to reach and to serve them even better.   

2.      Failure to have an effective marketing strategy

The main reason WHY we are in business is to make PROFIT which comes from SALES we receive from CUSTOMERS. Having as many loyal customers as possible assures us of having a stream of more and more new customers.  

As in reason number one above, failure of having a marketing strategy distorts the growth of a business. Many business owners don’t have a MARKETING STRATEGY leave alone having it in writing. They operate BLINDLY.  

Because of this reason, they negatively have the notion that since I have a good business already “CUSTOMERS WILL JUST COME”. Bad enough even if the customer walks in, they presume that the customer knows what they want.

A good business has to have an EFFECTIVE MARKETING STRATEGY that will retain existing customers and bring in more and more new ones. A strategy that will utilize existing customers to create more leads. A strategy that will lead to REPEAT business.

If you don’t have a WRITTEN MARKETING STRATEGY or are in need to REVIEW an existing one please feel free to consult us here at biasharainspirations for more help.  

3.      A one man’s SHOW business

No one operates a business alone. Businesses and business people need others to succeed. Every individual has 24 hours from which there is time to work and time to rest.

For a business to grow successfully, it takes TIME and EFFORT. You also require the EXPERTISE of other people and structure for a smooth flow of operations.   

A business that relies on one person only for it to operate is doomed to failure.  Such businesses encounter operational glitches in the absence of their owners because decisions cannot be made or goods/services cannot be delivered.

This is the reason why successful businesses apart from having proper functioning structures still spend money on automating some functions such as payment and customer support operations.

4.      Lack of  Financial Records

A business of any size has to maintain proper financial records. Unfortunately, many small and growing businesses do not have financial recording system of any form in place hence do not keep proper financial records.  

This leads many small and growing businesses to failure. A business owner should be able to track cash flow, the value of assets, manage liabilities, expand capital and pay taxes a task that is easily possible when one has proper financial records.

You could give a lot of lame excuses like the cost implication or time involved or lack of awareness and education but for your business to grow and succeed, you need to account for every shilling you gain from and spend in your business.

Besides, in modern day Tanzania where businesses have to comply with Tax regulations you cannot avoid the need to have and maintain proper financial statements and for you to qualify for a loan you should operate at least for 6 months a proof you can best present through your financial statements.

We currently have simple and affordable accounting software applications for small and medium businesses which can be customized to suit your specific business requirements.  It is useful to act NOW before it becomes compulsory.

5.      Starting a business without DETERMINATION

It is bad that some people go into business without a CAUSE. They are simply in business because they don’t have any other option. As such, they do business without passion and willpower.

Such type of people just respond to the business orders of the day lacking the discipline to drive their businesses  towards growth and success.

For your business to grow and you to be successful, you should know exactly WHY are you in business? WHAT do you want to achieve both in short and long term? WHERE do you see yourself in 5 years time? Answers to such questions will help you perform better and help you realize self-esteem in your business.