- Business and Employment
Why Is My Business Struggling To Grow?
Businesses can struggle for many reasons
From time to time a business can start to find sales drop off or if you are a new business it could be the challenge of increasing sales.
If you are struggling to grow your business there could be many reasons for this.
Here we look at some of the more common explanations for a company failing to increase its profits and market outreach.
Some reasons why your business could be struggling
There are many reasons why a business in today’s competitive global, national, regional or even local market place might be having difficulty achieving growth.
Since the global financial crisis hit it has become even more difficult for start-up or even more established companies to move forward.
If your business is struggling to expand and you can’t put your finger on why, here are some common explanations that might sound familiar to you:
Poor Online Presence: In order to grow your business in today’s global marketplace, you really do need to focus on creating a strong online presence. If you have not, for example, worked out an SEO strategy – either because you don’t have the time or the knowledge – then you should really consider using the services of an internet marketing consultant to do this for you to up your search engine rankings. If you are essentially invisible online you cannot realistically hope to grow and match your competitors, most of whom will probably have a well thought-out online marketing strategy.
Weak Website: Failing to drive traffic to your company’s website by not developing a cohesive marketing strategy may be one reason for your lack of success. A poorly designed website is another cardinal sin of online business. Many businesses fail to successfully convert visitors into paying customers because their websites are difficult to navigate, over-complicated with far too much information and imagery, or have an inefficient payment process. This is another area in which an internet marketing consultant will be able to help you.
Poor Marketing Strategy: Whilst your online presence is important, your overall business marketing strategy needs to be effective and well thought-out if you are going to succeed and expand. Perhaps you haven’t put enough thought into advertising to your target audience in the local press, or perhaps you haven’t considered holding special promotions to draw in customers.
If this is the case, maybe you need to consult a more general marketing expert to implement a plan to create new business. If you are really failing to connect with local customers, maybe you even need to think about entirely re-branding to wipe the slate clean and start afresh.
Confusing Product Range: Of course, in some cases it may not be your marketing efforts that are at fault. Maybe your product range simply isn’t focused enough to differentiate you from your competitors and give you the edge in your particular niche. A lot of companies make the mistake of trying to sell too many different kinds of products in the hope that at least some of them will be successful, when what you should be doing is building up a reputation as a specialist in a certain area – particularly if you have a small, relatively young business.