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What is Holding Your Business Back?

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Nearly 80% of all companies in the United States are classified as a small business. This usually means a small startup, mom and pop type of business. It could be the small cafe on the corner, a resale store, or the local grocery store. If you’re like us, you very likely started out of a home office or a community center. Regardless, if you are reading this, then you likely have a successful business. But the real question is, what is hold your business back? What is keeping you from taking the next step or growing your business to the next level?

Having built two other businesses and helped countless others, this scene is all too familiar. One likely scenario is not knowing how or where to go with your business. It is an amazing accomplishment getting started in business, opening the doors and working with your first customers. There have been many late nights and extra hours put in to be successful. To take it to the next level though, you must be willing to do something that you haven’t done before. Perhaps its a new marketing campaign, or rearranging your store. Maybe it’s a matter of needing additional help. Whatever the reason is, the first step is to take an inventory of your business. See what you have accomplished thus far and write it down. Take a look at where your business is at now and then determine where you want your business to go. Make sure to write down what worked well, what you can improve upon, and what didn’t work at all.

Having your business inventory will create a visual map of where your business has been up to this point. The third part of determining where you want your business to go isn’t going to be as crystal clear. There could be one answer or multiple depending on your goals and ambitions. If you’re like me, you’ll have to factor in things like your family, not just spouse and children but extended family as well. Market conditions will help determine what the future will be such as are the current market conditions favorable or detrimental to your business and what is the current trend? Other factors to this could be what businesses are coming to the area around you, how has customer traffic affected you? There is one area that should not play as a factor and that is financial. This may sound odd but if there is something that you can change that will improve your business, your financials will improve as well.

Several years ago my wife started a resale store for children. She did everything that a business owner would do: created a business plan, put together an operating budget, consulted with other small business owners, and even spoke with a bank regarding financing. All in all, she learned very quickly that the space she was leasing was very small, too small to grow her business and if she wanted to take it to the next level, she had to find a new space. Six months into her business, she made the bold decision to move to a new building which nearly doubled her retail space. This is why I say that financials are not an important decision factor. Shortly after moving to her new building, her sales more than tripled. By making a difficult decision to change, she grew her business in ways she could never have imagined. While this scenario doesn’t work for everyone, it is just one example of how making a change can grow a business. Today, her resale business is still going strong despite having sold it a few years ago (This is that important factor of family that plays in). Regardless, if it wasn’t for her careful planning and expertise, the business would have folded long before now.

So in the end, what is holding you back? You have your visual road map, you have an idea of what you have to do to change or improve to grow your business, so what are you waiting for? Still confused or in need of some guidance? Call us for a free consultation. Sometimes, this is all you need; a third party to look over things. On the other hand, if you know what needs to be done but just can’t seem to follow through, then you need to figure out why you are being held back and just go for it. At this point, you nothing to fear except for missing out on that next level.

On the other hand, if you are just getting started or even if you have a great idea but haven’t started or don’t know where to start, call us to arrange a free analysis. We can help develop your idea into a thriving business or even give your new business the boost it needs. We pride ourselves in helping other businesses succeed, even if all we do is a free analysis. I mentioned earlier that 80% of all businesses are small businesses. It is my goal to make you a part of that statistic.

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