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4 Poor factors that can kill your business’ growth

Calls becoming few and far in between. Visits are occasional. No new customers are inquiring. Profit going down. What’s happening to your business you ask?

Many things perhaps, but there are definite factors that contribute to killing your business, eventually forcing you to either reassess and make radical changes that cost a lot of money or ultimately cause you to close the business down.

Each business will have its own issues and challenges, but here are some of the most common factors why businesses struggle rather than prosper.

Poor customer service. This is so obvious that it hurts my heart typing it here. Some businesses, even start-ups do not put much thought into their customer communication, which gradually leads to loss of paying customers and lower leads. For businesses big or small, keeping in contact with customers after the sale and answering to all requests and questions is important. Take note that poor customer service will lead to your customers not returning to you, plus it can cause them to spread the word of their bad experience to others.

A bad business location. As the saying goes, location is everything. This is definitely true and applicable in the business world, and moving to a new venue that has more attractive benefits may be advantageous for you. If you own a physical store, there’s a chance that your location isn’t desirable. Assess if the business depends on pedestrian foot traffic, drive-by or if customers go specifically to your place to get your products and services. Now see if related businesses are nearby and how easier it is to reach your place. Consider signage and visibility of your location.

Uncompetitive pricing. You can do everything right, but if you have uncompetitive pricing, then you’re seriously hurting your business. When your pricing is too steep, customers who do comparison shopping may just decide to do business with your competition. Nevertheless, prices that are too low can also yield a negative effect. You may be hurting your capital trying to maintain demand when your prices are low without really gaining a profit. You need to find a middle ground with competitive pricing if you want your business to thrive.

Not taking advantage of third party service providers. Technology matters in business. In fact, it’s a deciding factor for your customers and your ability to stay in the industry going hand in hand with your competition. You can’t do this without tapping into the expertise of providers who offer products and services to improve how you do business. The business support and products by Konica Minolta, for instance, can provide you with IT support, business tactics, and vital office tools like commercial printers to give you a much-needed operational edge. See how their expertise can address your particular issues and help you achieve your business goals.

The bottom line

Running a successful business takes an endless supply of time and energy, but that doesn’t guarantee that your business will prosper. Take time to assess your business, and you’ll see that it is being undesirably affected by one or more of the factors above.

Now that you know some of the factors that are contributing to your businesses’ collapse, you’ll have a head start to fix the issues.

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