Haven Accountants and Financial Advisers

Home Blog Are these 4 things stopping your business from succeeding?
Are these 4 things stopping your business from succeeding?

 

A lot of factors might have affected the success of your business lately, particularly the global pandemic. But if you’re struggling to grow your business and you feel like you’ve exhausted all of your options, here are a few insights that might help!

1. No long-term thinking

Particularly in the wake of the pandemic, you’ve probably been focusing more on the next few months rather than the next few years. It’s all been about survival rather than long-term growth. But now it’s time to take a look at the longer-term goals you have for your business. Where do you want it to be in five or 10 years from now? If you’re not sure where to start, or how to forecast that far into the future, our expert team of business strategists can help.

2. No Unique Selling Point

A USP should be one of the first things you think about when starting a business, but over time, this will need to be reviewed. It’s not enough just to think you have the best product or service in the market, potential customers also need to think that too. When was the last time you checked out your competitors? Maybe you have the same USP as another company but they’re marketing it more. Are you still the best? If not, it might be time to pivot.

3. Focusing too much on one thing

It can be easy to get caught up in one particular aspect of your business such as a new product launch. Whilst it’s important to be across these things, your role as business owner is to always be looking at the bigger picture. What are your plans for the few months after your product launch? You should always be looking ahead and planning for growth where you can.

4. Focusing on too much at once

On the other side of the coin, it can also be a mistake to focus on too many things at once. If you’re trying to be involved in everything that’s going on in your business, you could end up spreading yourself too thin. If you have a team you can delegate tasks to, be sure to do that. That way, you can check in with them for progress reports but you don’t need to be trying to manage everything at once.

If you want some strategic business advice, or just a fresh perspective on how to grow your business, get in touch with our team today!

 

Want some business advice?

Get in touch with us!