Common Obstacles to Business Growth
Think of the usual obstacles to business growth encountered by small businesses and a few standard responses spring to mind.
First of all, there’s the usual one that some small businesses are, by their nature, ‘cottage industries’. OK, so it’s true that many businesses are founded almost literally at the kitchen table and, as such, some of the founders have no wish to expand the business further. These businesses are often referred to as ‘lifestyle businesses’ because, in essence, they fund their founder’s lifestyle.
Other businesses are more disruptive. In other words, they bring a new concept or idea into the market segment and, as a result, they alter the established status quo within the sector. These so-called ‘disruptors’ have a higher than average failure rate but, if they succeed, they do so in a very powerful way, often earning their founders and investors huge sums of money. Think Microsoft, Air BnB, Google, Uber, Facebook and so on.
But, all these businesses have one thing in common, and that’s the barriers they face in terms of business growth. These early days can be very exciting, very rewarding and, yes, very frustrating. Long hours, no sales, no revenue, little reward, the feelings of isolation and uncertainty and, of course, self-doubt, too.
Overcoming Obstacles to Business Growth
And yet, there can be help at hand. Help in terms of business support, both with expert advice and potentially even funding, as it is principally these two elements where businesses fail. In essence, businesses encounter these obstacles and they either cease to trade or they plateau. And either of those results isn’t the ideal scenario for any business.
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Alongside those previously mentioned feelings is the ever-looming possibility of the proprietor or founder becoming ‘burned out’. This is an all too regular occurrence, and one that is frequently precipitated by feelings of lack of support. Again, this is an easily-solved barrier, often tackled very effectively by engagement with mentors, or even joining a business organisation or club. In many cases, the entrepreneur will then discover that he or she is not alone, and that the problem or issue they are encountering is a common one, with potentially multiple remedies.
Another likely obstacle to business growth, and one that has been identified more regularly recently, is that of lack of business focus. Again, this is an issue that can be solved by our two favourite paths, namely business support from expert professionals allied to peer group support or mentorship. In conjunction, these both have the effect of helping to distil solutions, aid clarity of thinking and galvanise growth.
So, the message is clear – the most regularly identified obstacles to business growth are those that can be easily addressed.
Whether you need expert input into your business, funding or personal development, finding a business mentor, coach or other professional support is generally the key to a happy entrepreneur and, as a consequence, a successful business.
Now you’ve read our article on the common obstacles to business growth – have you any more questions?
Here at Yorkshire Powerhouse, we’re happy to help as much as possible – is there anything else we can do to help you or do you have any further questions – please let us know:
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