Growth is a big concern for small businesses. It is something that many small business owners find hard to achieve. Putting a detailed business strategy in place is a vital first step towards growth. But not enough small business owners today create – or maintain - a detailed plan. It is essential, and can often be used as a vital sanity check.
One of the biggest barriers to small business growth is an inability to take time out to work on - not just in - their business. Small business owners do not regularly set aside time to work on their business strategy. Growth is especially important for small businesses. Growth can be a vital factor in maintaining self-confidence, and obtaining finance. Yet it is something that many small business owners find hard to achieve, as they can often lack the requisite experience and skills.
Two of the biggest barriers to business growth are a shortage of the knowledge and time needed to create effective growth strategy. Outside of staffing issues , the biggest barrier to growth in the UK is not having the time to step back from the day to day running of one’s business to focus on longer-term strategy. This is closely followed by an inability to determine what the best way to achieve such growth actually is. These are both barriers that can be reduced by obtaining the right advice and guidance.