Even though most of the entrepreneurs try hard to take their business to the next level, it's not uncommon for them to feel that it's stuck in a rut.
The company may seem to be doing just fine – making a profit, paying the bills, and earning income.
But there is no measurable growth, and whatever actions small business owners take, don't seem to be enough to move things forward.
If you feel as if you're struggling to move past the business roadblocks, here are some of the most common reasons why your business is "stuck" and some useful advice on how to resolve them.
You Lack Vision
For the growth of your business, you need to have a clear vision where you're company is headed.
Now, it may happen that a long time has passed since you've last done some serious planning. If that's the case, it's high time for you to sit down and either re-evaluate or create a strategic business plan.
Working on your business plan will help you focus on the future and regain control.
This will make it easier for you to set goals and plan your actions and timeframes. The goals you set should be specific, measurable, attainable, and relevant so that at any given moment, you can have an idea of how close you are to achieving them.
Furthermore, you'll learn how to prioritize your resources so that you can increase your revenue and ROI and enable growth.
You've Lost Touch With Your Customers
Your customers are the backbone of your business. If you want it to grow, you need to establish smart and effective ways of acquiring new customers, as well as techniques to build loyalty with your customer base, preventing their churn.
You can only achieve this if you're paying attention to your customers' needs, and doing your best to fulfill them.
Evaluate how successful your marketing and sales messages are in addressing your customers' interests and issues. Is the product or the service you're providing helping your customers solve their pain points and making their lives easier?
Also, make sure you assess your customer service regularly. Is it timely and adequate?
If you don't know the answers to these questions, don't be afraid to ask your customers. Their answers may guide your way on how best to improve their experience.
You Don't Have a Website
One thing is certain – your business won't grow unless you invest in marketing. Even though traditional marketing still plays an important role, the first step is to build a strong online presence and make it easy for your target audience to get in touch with you.
Not having a website in this day and age, in the minds of your customers, is like not having a professional and legitimate business at all.
A website is a must-have for any business, and not just companies offering e-commerce services. It's like an upgraded digital business card, showing your target audience who you are and what you can do for them.
However, without search engine optimization, your website will be like a needle in a haystack – impossible for your customers to find. SEO can help your website be visible to your customers in their queries, bring more traffic to your business, and at the same time, boost your reputation.
A digital marketing consultant could help you develop an efficient marketing strategy that is tailored to fit the specific needs of your customers, helping you attract and keep them, thus kick-starting your growth.
Evaluate Your Contribution
Many small business owners can sometimes be an obstacle to the growth of their businesses, either by being too laid-back, or too involved. Keep track of how you spend your days at work, and assess whether you're engaging in the activities that are within your core expertise, and that can bring your company more revenue.
If you find that you're investing too much of your working hours extinguishing fires, supervising other peoples' work, or performing tasks you are not skilled enough to do, consider changing your routine. You've maybe reached a point where you need to make new hires or outsource some of your tasks so that you can scale your business for growth.
Evaluate Your Team
Only after you've evaluated your actions and determined whether you're responsible for holding your business back can you move on to assessing the performance of your employees.
For the growth of your business, every team member needs to play their role and contribute. If they are not engaged at work, their productivity will suffer, and so will the bottom line of your business.
Try to keep the communication channels with your employees open, so that they can talk freely about the challenges they're facing. Only then will you be able to motivate the disengaged ones and guide them towards achieving common business goals.
During the process, you may determine that you need to let some of your employees go, which is never easy. Unfortunately, sometimes it's the only choice you have.
Feeling that your business is stuck may be unpleasant, but it's not a reason to despair. It's yet another challenge you'll face on the entrepreneurial journey that makes you question your current state, helps you clarify your vision, and in the long run, stimulates growth.
Tips for Entrepreneurs Venturing Into the Rental Business
If you are just starting your journey through the business world or considering a career change, you should consider venturing into the rental business.
This line of work is not for everyone because you need to have great communication skills and be well organized and punctual, willing to learn constantly, and more.
But if you find this line of work appealing, it can be fun, engaging, challenging, and - most importantly - a steady source of income.
Read on to get your tips on venturing into the rental business and decide if that is something that you can do.
Define Your Idea
As an entrepreneur, you already know that all good things start with a good idea. So regardless of what you want to gain from your rental business - whether you want it to be just another source of income for you or if you plan to turn it into your primary source of income-you should start with a general idea.
First, ask yourself how willing you are to commit to the cause entirely.
For instance, renting a property might be the most profitable option.
Still, it comes with its own set of legal rules and regulations, landlord insurance, and other paperwork, not to mention the fact that you must always be available for your tenants unless you delegate the management duties to a second party. Something like that is a full-time commitment and therefore not an ideal side-hustle.
Next, follow current trends. Sometimes a product will appear out of thin air and take the world by storm (think of e-scooters a few years back). If you manage to jump on an emerging trend before the market becomes too saturated, you can make a pretty penny in a short amount of time.
Finally, identify things that people would instead rent for a couple of days than commit to buying them (think of bicycles in a tourist resort). If you discover something like that, you will be set for a long while.
Research the Market
This piece of advice stems from the first one. You might have an idea that sounds great in theory, but without proper research, you are at risk of investing your money in a concept that is not sustainable.
Once you have confirmed that your business idea is good, consider other contributing factors that can make or break a concept. For example, see if any competition offers the same or similar product or service and check out their prices.
Ensure that you can be competitive price-wise or offer something different and better than they do. Check what brands of that particular product you want to rent are popular with potential customers and if that is even important to them.
Finally, remember that location matters.
Different places within the same area or even the same city mean other customer bases. Different customers tell different wants and needs and different volumes of customers resulting in varying success for your rental business.
Take Care of Your Product - And Your Business
No matter what you are renting and how big or small it is, you need to ensure that it is in the best shape possible. Just like no one will rent a room with visible mold marks, no one will be renting a bike with a broken chain.
Preventive maintenance is the key here. Instead of waiting for your customers to get back to you with a broken product, establish a maintenance routine and check every piece of equipment (or every unit that you are renting) after a predetermined amount of time.
Do not forget to make cosmetic fixes as well - first impressions matter, and nobody will be impressed by your piece of equipment that you are renting if it has chipping paint or some other flaw that is instantly apparent.
When it comes to protecting yourself and your business, you need to contact a lawyer who will make an airtight rental agreement for you. A rental agreement is a legal document that defines your duties as a renter and covers the customer’s duties.
A well-made rental contract should define the beginning and the end of a rental process, acceptable wear and tear, and penalties if these limits are exceeded. It should also describe the customers’ rights and obligations - i.e., say the consequences of damage or loss and deal with late fees.
Once both parties sign this agreement, the document is considered mutually and legally binding, so make sure that a legal professional designs the record for you. With this document signed, there will be less room for error and confusion since both you and your customer will have clearly defined duties and obligations.
And there you have it.
With all of this in place, you are ready to take on the exciting and challenging world of the rental business. Good luck!