3 Reasons Why Your Business Hasn’t Grown and How to Fix Them Quickly
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Loading... - Greta Keller
- 09 Feb 2023
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If your business growth has slowed, the good news is that you can do something about it today.
We’re living through an exciting time. Entrepreneurs can reach more potential customers and grow their businesses through the Internet and social media. You can reach millions of people without spending thousands of dollars on paid advertising.
Today, people consume content, buy products and services, and learn about businesses through smartphones. The barrier to becoming an entrepreneur and growing a company has been removed if you create offers that appeal to your target customer segment.
With so many consumers out of work and fearful of what the future will hold—discretionary spending has been slowing. It has and will affect businesses that aren’t prepared.
If your business growth has slowed or declined, the good news is that you can do something about it and make changes quickly. There are three main business growth areas you can examine and make pivots around. These shifts lead to increased revenue and a stronger business.
1. Diversify Your Revenue Away From Being Reliant on One or a Few Main Clients
At some point in entrepreneurship, we’ve all been there more times than we care to admit. Our primary revenue comes from one or only a few main clients. Be grateful for the opportunity to service that main client, but it’s a scary place to be. If they decide to make a change, your revenue goes down to zero.
The hallmark of a strong business is that there are multiple revenue streams and passive income. The key to growth is creating a diverse customer base, allowing you to lose one or a few clients without setting you back. You get to this place by having a lead generation plan and system that continually exposes your business to new potential clients.
Since we do have access to the Internet, you can:
-Get interviewed on a podcast. Podcasts have millions of listeners and help consumers see the value of what you offer.
-Do media interviews. It’s the same concept as podcasts with even more reach. TV interviews are instant brand credibility. Your potential customers will be impressed.
-Train in Facebook groups. Lots of your consumers use and get value from Facebook. You can find groups that match what your business does and add value through training and content. It’s a win-win because the group owner gets free value for their audience.
There are a lot of channels that help generate potential clients for your business. Please don’t put yourself in the position of being dependent on one or a few clients because you can’t control what happens on their end. Read more…
