WHY DO MOST SMALL BUSINESSES PLATEAU AT A CERTAIN LEVEL?
This is the question asked by Alan Dib in his book, The 1 Page Marketing Plan.
It is very common for small businesses never to grow past the point where they just generate a modest profit. And it seems no matter how hard they try to grow the business, the efforts just lead to frustration.
Many business owners who are struggling blame their industry or the business climate.
Some of the most common industry complaints we hear are:
· Its too competitive
· Margins too low
· Cashflow problems
· Cannot gain new customers (Marketing does not work)
However it is rarely the industry that is truly to blame. Most business sectors are multi-multi million and there are lots of supplier businesses surviving and growing. So what are they doing differently?
One of the common issues is that the business principals know their trade or product or service very well, but that does not mean that they are good at the Business of what they do.
Ask someone how long they have been running a certain business, and the answer may be only months, or a year or two. No time to learn what works and what does not work, and what marketing (getting customers ) works. Many marketing ‘specialists’ have not caught up with effective digital marketing, and are alreadt hiding behind AI.
Look at any profession where the stakes are high and you will see well thought plans being followed.
But the plan must have certain elements and details to define sales targets and how to achieve the targets. For new businesses, and people new to business, the plan to be created with practical advice based on experience. That experience contributing confirmations, and frequently new business development ideas. If something is not working, change it, or add to it!
Book Referred to: The 1-Page Marketing Plan by Allan Dib