8 Obstacles Standing in the Way of Business Growth
                        by David Dixon

When you decide to embark on the endeavor of business expansion, you’ll quickly see that there are many obstacles that can thwart your progress and stunt your brand’s growth. Identifying these obstacles is key to reaching a bigger audience and increasing your sales. Look out for the following eight problems that could be holding your business back.
 
1. Unimaginative Marketing
If you’ve relied on the same old marketing materials for years, it’s likely time for a major update. Even if familiar marketing seems like a good idea, it can easily become stale and prevent prospective customers from discovering your brand.
 
2. Not Enough Staff
You must also consider whether you have enough employees to successfully support your business’s growth initiative. In many cases, expansion calls for new hires. According to statistics, a strong onboarding process can increase your business’s retention by up to 82%. When you hire new employees, be sure to train them and invest in them — this will ultimately serve your business’s growth.
 
3. Lack of Data
Your business may also be held back by a lack of data driving its efforts. If you launch a new marketing campaign, for example, it should be based on market research that reveals who you’re targeting, what they want, and how to engage them. Invest in data analytics to get more out of your market research.
 
4. Not Optimizing Processes
If you’re having operational issues with your company, business process management is an invaluable asset for any business, large or small. By taking the time to analyze and document existing processes, businesses can begin to identify areas of improvement where workflow efficiencies can be applied. These efficiencies can help streamline processes, reducing cost and allowing workers more capacity to focus on other tasks. You may consider this option if you want to create a culture of continuous improvement that encourages employees and empowers them to suggest better ways of working.
 
5. Wrong Business Structure
Many business owners expand their brand and find that they also need to revisit their company’s business structure. Switching to an LLC, for example, can offer a wide range of benefits, including tax savings, flexibility, and protection of personal assets. Don’t fall prey to exorbitant fees charged by attorneys. Get in touch with a formation service instead after you’ve reviewed business formation laws in your state.
 
6. Too Few Products in Portfolio
You can’t expect to see much growth for your business if you haven’t refreshed its offerings in a long time. Even the most devoted customers will eventually crave something new, and introducing new products and services is a surefire way to attract customers who may be new to your business. Review your market research to see what customers want — and develop new offerings that appeal to these needs.
 
7. Isolation From Community
The community that surrounds your business is an important resource to tap into. In addition to other local businesses that can provide opportunities for strategic partnerships, you’ll probably find that there are many professional organizations that offer assistance and mentorship to business owners. Attend a networking event to learn more about the business community you’re part of.
 
8. No Knowledge of Competition
Competition is an inevitable component of operating a business. It doesn’t have to be a source of stress, though — and, in fact, it could be a valuable tool to help you grow your business. When you’re seeking to expand, look at what your competitors are doing and consider how you can improve upon their ideas.
 
Overcome Obstacles and Achieve Business Growth
Obstacles emerge in every part of life, but they can be particularly troublesome when they prevent your business from growing. By taking steps like using business process management and choosing the right business structure, you can navigate the path of business growth and ensure that you’re reaching the right audience for your business. If your business hasn’t yet reached its potential, reach out to the expert consultants at FUNEL Business Management Group.