During a business consulting session with a smart entrepreneur whose business has not been experiencing growth, she looked at me with tears in her eyes and asked ‘Why is my business not growing? I am really passionate and talented, my ideas are great and I make sure my people are treated well. I don’t just understand anymore. Maybe I should just shut down the business.’ As I have heard these complaints from different entrepreneurs, I smiled and assured her that she would be fine.
After the session, I realized that the entrepreneur was making different types of organizational and operational mistakes in her business. Like many entrepreneurs, she thinks her potentials, ideas and passions are just enough to sustain her business and drive growth. But she forgets that in the realm of business, innate talents and great ideas are a microcosm, they are too small to determine the growth of business. In fact, many times they are not even considered. Great ideas and potentials only work in an environment that enables them.
Listed below are the core reasons your business is not thriving despite your great ideas and talents.
- Failure to develop your capacity
Your business is not suffering because of the lack of good ideas and great potentials; your business is suffering because of the failure to consistently develop these ideas and potentials. To succeed in business, development of capacity must not be relegated to the background of carelessness. I have seen many entrepreneurs with great ideas and potentials without the zeal to follow through to where it leads. In business circles, great potentials and ideas are not enough. They have to be consistently developed and placed in an environment that encourages them to thrive.
As an entrepreneur, your ideas must be consistently refined to remain relevant to your generation and your audience. It must have the power to stretch and stand the test of time. You can never solve a 2017 problem with a 1998 great idea. The fact that it was a great idea in 1998 doesn’t make it relevant in today’s business world. Times are changing, customers’ preferences are changing and the models of satisfying them must also change. Until the entrepreneur learns to consistently improve his capacity and delivery models, his business might be locked in the backwaters of irrelevance.
- Not understanding the principle of rightness
Years ago, I came up with this principle of rightness. This principle is simply the ability to get the right idea at the right time and connect with the right people to create the right products and services for the right audience and get the right outcomes. A thorough understanding of this principle will always put your business on the right pedestal.
A close look at many successful businesses shows, with staggering accuracy, that the founders understood and obeyed this simple principle. They didn’t just get the right business ideas; they also got it at the right time, connected and worked with the right people to enable them create the right products and services for the right audience to get the right outcomes.
Study, understand and imbibe this principle in your business. I assure you that your business will begin to gain the required traction for success.
- Lack of great packaging
In today’s highly demanding business environment, your packaging makes a lot of difference. It is what enhances your business in the eyes of your customers – it is what increases customers’ perception. There is no use pouring a great, new wine in an old wineskin; it will burst.
Great packaging enhances product and organizational value; it also increases buyability and delivery. Your great ideas and contents must be packaged amazingly. This is why a good branding exercise is always encouraged among entrepreneurs.
To move your business from failure to success, you must package it so well that is attains a good level of generational fitness. Your packaging must be relevant and fit in the generation you are doing business in.
- Lack of good systems and strategies.
A business without great systems and strategies in place has been set up to fail from inception. Many times, entrepreneurs just believe that people will look for them when they launch their businesses; they think because they are new in the market, the market will respond to them. But it comes as a shock when no one even notices them. This faulty thinking is the core reason your business isn’t thriving.
In business circles, ideation is queen, strategy is king and execution is emperor. Your strategies are what determine your execution approach; they are what determine the systems and processes that enhance the smooth running of the business for great delivery and consistent results.
Is your business struggling to gain market share?
Do you already want to shut down your business?
These four areas, if really worked upon, will surely bring your business back to life.