A key indicator that you are running a successful business is that your revenues and profits are growing year to year. And that growth should be continuing. So, if your business is not growing or performing well right now in this booming economy, it may be because you are stuck at your present performance levels. It’s time to make some changes and get growing. But how?
The Nine Common Business Sticking Points
Jay Abraham, a world-leading marketer, and entrepreneur suggests that there are nine major areas which frequently are “sticking points” or performance barriers for companies:
- Competition – Your competitors might not have a better product or service than you but they may currently be better at positioning, marketing, and selling
- Low Sales Volume – You may not be selling enough product, to enough people and often enough for your business to be viable and profitable
- Erratic Volumes – You might have erratic and unpredictable business volumes at the present time. These can make advance planning difficult
- Poor Strategies – You might be spending 80% of your time on business activities which are non-productive and non-strategic. You don’t have a plan
- High Costs – You might be stagnating because your costs are so high that they are eating up all your profits
- Status Quo – You might feel stuck – doing the same things the same way as everyone else in your industry. You’re stuck in a rut and can’t move forward
- Marginalisation – You might think you’re selling a comparable product to everyone else in the marketplace and therefore you have to compete on price
- Poor Marketing – You might feel locked into mediocre marketing by force of habit, imitating your competition or following traditional patterns due to a lack of skills in the online space
- Do-It-Yourself – You might be bogged down because you’re trying to do too much yourself rather than delegating, outsourcing or partnering
Which ones are affecting your business? If you can overcome the bottlenecks, you can get back on track to better performance, even in tough times.
The hardest for most Kiwis to overcome are: No. 4 Poor Strategies and No. 9 Do-It-Yourself. If you continue to try and do everything yourself, your business just won’t last and you won’t be able to compete with those who have a smarter approach. Leverage your time on the three to five things add the most value to your business. Know your numbers and test and measure, stop doing things that aren’t working. Delegate, outsource to experts or partner with others.
It is more cost effective to get an expert in for a few hours per month than muddling around or paying a staff member to muddle around for days doing work outside their key skills and achieving a mediocre result. Or worse still, do nothing in some key areas.
So, if you want to get back on track to superior performance, call in some experts.