3 Reasons Your Business Hasn't Grown During the Pandemic
We're living through an interesting time. Even before the pandemic, entrepreneurs had the opportunity to reach more potential customers and grow their business through the Internet and social media's power and reach.
Today, people consume content, buy products and services, and learn about businesses through their phones. The barrier to becoming an entrepreneur and growing a company has been removed if you create offers that appeal to a customer segment you're targeting.
While entrepreneurs were pushing busy forward in the building of their businesses, a global pandemic changed how we live, work, and exist. Millions of people lost their jobs, small businesses shut down, and entrepreneurs saw revenue drop quickly.
With so many consumers out of work and fearful of what the future will hold — discretionary spending came to a standstill. It did, has, and will affect businesses that aren't prepared.
If your business growth has slowed or declined during the pandemic, the good news is that you can do something about that. There are three main business growth areas you can examine and make pivots around. These are essential shifts that lead to increased revenue and a strong business.
1. Your revenue is reliant on one or a few main clients
At some point in entrepreneurship, we've all been there more times than we care to admit. Your primary revenue comes from one or only a few main clients. You should be grateful for the opportunity to service that main client, but it's a scary place to be. If they decide to make a change, your revenue goes down to zero.
The hallmark of a strong business is when there are multiple revenue streams and passive income. The key to growth is having a diverse customer base, allowing you to lose one or a few clients without setting you back.
You get to this healthy place by having a lead generation plan and system that continually exposes your business to new potential clients. Since we do have access to the internet, you can:
- Get interviewed on a podcast. Podcasts have millions of listeners and help consumers see the value of what you offer.
- Do media interviews. It's the same concept as podcasts with even more reach. TV interviews are instant brand credibility. Your potential customers will be impressed.
- Train in Facebook groups. Lots of your consumers use and get value from Facebook. You can find groups that match what your business does and add value through training and content. It's a win-win because the group owner gets free value for their audience.
There are a lot of channels that help generate potential clients for your business. Don't put yourself in the position of being dependent on one or a few clients because you can't control what happens on their end.
2. You're not consistent with content marketing
One of the best forms of marketing is content marketing. Consumers are inundated with sales messages and offers from businesses. You don't increase sales by merely posting sales offers. Potential clients want to know a business understands what they're talking about and one that delivers on its promises — your content is how you prove that.
Lead generation happens when you nurture consumers through good content that adds value and solves pain points. Your content is worth the effort you put into, and it's a form of marketing that can be repurposed into hundreds of pieces of content.
If your business isn't growing, take a look at your content strategy. Are you consistently posting content in the places your consumers frequent? Do you only post content when it's time to sell something? That's not the path to nurturing potential consumers.
Create a plan for where you'll post content and how often. Make your content a mix of value posts, how-to posts, journey posts, and sales posts. If you can't be consistent in creating and posting, make sure you hire an agency or team member that can do it — content marketing is essential and a key to business growth.
3. You're not putting in the personal work to become a stronger entrepreneur
A business is founded and built by an entrepreneur. An entrepreneur is a human being who comes with emotions, feelings, and all the intricacies of being a person. Your personal development is an integral part of business growth. When you don't have enough energy or drive, you won't take the necessary action to build your business.
If your business isn't growing at the pace you'd like it to — take a look in the mirror. Your business growth or lack of it can be traced to your habits, your commitment to learning more about your craft, and the mindset you're cultivating.
The personal work to become a stronger entrepreneur will give you the physical and emotional energy you'll need to take care of the hundred different things it takes to build a business. Never stop investing time and resources into your personal development because your best you leads to consistent growth.
The pandemic may have set you back, but there are still opportunities to grow your business if you're ready to work. Businesses are built with a clear understanding of what areas are holding you back and making pivots.
Examine these three areas of your business and make changes as necessary. Invest time and resources into becoming a stronger you, and then get to work on the tactics.