No doubt, every business owner wants their company to succeed. However, when you manage a business, your actions will directly impact how your customers or clients will respond to your products or services. Plus, no matter what you do, your employees will be on the receiving end, too. So, you don’t want to make the wrong moves and lose business as well as your team. If you’re eager to level up your company and take the right steps to get there, be sure that you watch out for these common factors affecting business growth.
Factor #1: Outdated Technology
While businesses can utilize a variety of tools to accomplish their goals, they must be careful to purchase the most up-to-date technologies. When you provide your employees with equipment that operates the way it should, your company can perform its best work. Should you fail to prioritize new technology, your competitors will beat you out in terms of efficiency and innovation.
Factor #2: Diverse Promotional Practices
If you want your business to reach new heights, then you must meet your competitors and strive to reach everyone and anyone. Prioritize a healthy balance of print advertising and digital marketing; if your business is solely online but your desired clientele reads newspapers and magazines, you may want to reconsider your marketing strategy and focus on print ads. On the other hand, you can’t afford to be buried in the deep depths of the Internet in current times. To ensure users will see your business across the web, improve your online presence.
Factor #3: Money Management
Business owners have the tendency to spend simply because they want to appease everyone. Unfortunately, that mindset will cause you to purchase much more than necessary. Instead, create a budget and keep a close eye on spending. If you know you frequently spend outside of what you outline on paper, consider leaving room in your budget for unexpected expenses. It’s better to allocate money to these unforeseen costs than to think to yourself, “We’ll cross that bridge when we get there—I’ll just put it on the credit card.”
Factor #4: Location
It may come as a shock to some, but the location is a factor that greatly impacts business growth. If your company is in an accessible and exciting place, then you’ll likely draw more people to work for you. Of course, this is why many smaller businesses choose to relocate to bigger metropolitan areas. In addition to location, a productive office space can greatly encourage employee retention. When it comes to employee well-being, the environment is huge, so remember to consider where your business lives as well as how the office space feels.
Factor #5: Effective and Compassionate Management
As the saying goes, lead by example; when employees recognize good management, they’re going to tell everyone, and word of mouth travels quickly. So, invest in your employees’ training, and don’t forget to set meaningful goals with your team. Additionally, provide room for your employees to take breaks. As a high-level manager, your company depends on your direction. And ultimately, without well-equipped leaders, employees won’t feel valued, resulting in businesses taking unnecessary tumbles. Care for your employees, and as a result, you’ll see productivity and—you guessed it—growth.
Van Rundell is a writer and author who specializes in transportation, travel, guidance, health & fitness. With over 10 years of experience in the industry as a driver and an entrepreneur, he has seen it all. His tone is professional but friendly with a dash of humor thrown in for good measure. In past, he has been advising, educating and writing about transport for the public and professionals alike.
A qualified fitness instructor with over 5 years’ experience as a personal trainer and group fitness instructor, Van brings his deep knowledge of health and exercise science to his articles on health & fitness.
