Is your company not doing very well?
If you’re not sure why your company isn’t doing very well then you are not alone. So many people are in the same situation as you, but there are things that you can do to try and turn things around. Take a look below to find out more.
You don’t have a marketing plan
Operating without some kind of business plan is the best way for you to cut the life of your business short. If you do not have a business plan, then you may find that your growth stagnates and that you end up falling behind your competition. Sustained growth and budgeting, along with increased profitability all require a great deal of planning. If you do not plan, then you may find that you are leaving the future of your business to chance. If you act now, then there’s a high chance that you can turn things around. If you don’t act, then you can expect things to get worse as time goes on.
You are not systemised
Systems save time, and they are ideal if you want to monitor the various facets of your company. If you want to facilitate growth, then you need to try and have a solid system in place. You need to track weekly growth and you also need to track quarterly production too. Compare your production and sales goals with the data that you have from previous years and also make sure that you track your leads and your closure rates. If you can do this, then you will surely be able to find the information that you are looking for.
You are not differentiating yourself
If you or your team cannot answer the question, “why are we different to our competition?” Then you have the reason why your company is failing right now. Take the time to come up with an answer to the question and then make sure that you drum it into your staff. The answer should be automatic. This is the key to selling value and it is also the key to closing the big accounts as well.
You’re not budgeting enough
It takes a lot of time to make a small amount of money. That being said, a lot of small and medium-sized businesses tend to underspend on marketing. The growth of your business is very much related to how much you allocate. 9% of your annual revenue is what small and medium-sized companies should be trying to spend.
You’re not staffed enough
You may be telling yourself that you do not have the money you need to hire other people. This is understandable, but that being said, not having a team of people will work against you. You need to take a risk from time to time and you also need to stop yourself from stagnating. If you do not have enough help and support, then this will really harm your cause and this is the last thing that you need.
You procrastinate a lot
When procrastination is getting in the way of you meeting your goals, you may find that things become difficult. At times, things may even become impossible. If you wait until the last minute, then you may find that you have the ideal excuse. You just don’t have enough time to get it done, and for this reason, you end up stopping it altogether. If you want to stop this from being the case, then you need to try and make sure that you do what you can to get things done earlier. This will help you to get the best result out of your projects.
You are too complacent
Inertia can be very deadly if you run a business. Look at your SEO company for example. They may not be giving you a good return on your ROI, but you may be too afraid to switch because you are afraid that they will give you even poorer results. Failure to act is one of the worst things that you can do for your business. If you want to make sure that you are getting the best result out of your business then you have to make sure that you put in the work to know where your business is lacking, so you can make the appropriate changes.
Your AR is overdue
If you have account receivables that are overdue, then this will work against you. You have to make sure that you start reminding your customers of their status if it is past-due, after 30 days. This includes any commercial accounts you may have. If you wait 60 days after the collection of your accounts, then the chances of you being able to collect the debt will decrease. Putting a mandatory credit card on file will help you to ensure the collection of any overdue invoices. If you are struggling, then selling your company may be the way to go. You can find out how to value a limited company online.
You are not delegating
People don’t delegate because it takes a lot of up-front effort. By doing the work yourself, however, you’re failing to make the best use of your time. Meaningfully involving other people in a project allows you to develop your employees’ skills and abilities. This means that next time a similar project comes along, you can delegate the task with confidence it will be done well, with less involvement from you.
You are lying to yourself
When organisations stop growing, it’s safe to say that leaders take the blame. The reality is that you probably are the one to blame. Outgrowing leadership is very common. If you want to help your company, then you need to look in the mirror. It may be that you are trying to run a company that has outgrown your capabilities or that you need someone else to help you to grow. Either way, if this sounds like you, then now is absolutely the right time for you to be making a change.