There are a few reasons why the growth of 0.4% in the UK economy’s GDP is something worth celebrating, and better opportunities for businesses is just one of them.
Consumers have more trust in the market which increases spend and businesses tend to be on the receiving end of all that spending.
But what about those businesses who just seem to do the same thing every day, without no real prospects of growth? Growth is not only necessary to keep the doors open, but also to keep the business relevant.
Here are a few possible reasons why growth may have stopped.
The Customer Base is Stagnant
Those who have the same three customers they started out with ten years ago will find it hard to experience business growth. This is because it’s tough to negotiate new pricing and introduce new products and services.
In order to change this up a little, business owners are encouraged to expand their customer base in order to grow at a healthy pace, both financially and with the right stock on their floor.
There is no Financial Input
It’s possible for businesses to also live in a paycheck-to-paycheck cycle, which hardly leaves any room for growth. When this happens, the only way to get things going again is a cash investment.
For business owners, this can either be through savings or a personal loan. Business owners often find it tricky to get a loan in place, but lending marketplaces make it simpler for owners to find the right offer.
The cash investment can be used to increase marketing efforts, purchase additional stock, or even get some additional equipment in place.
Beating the Technology Bubble
It’s not only small businesses that tend to cave under the pressure of technology advancements as some of the biggest companies also need to adjust to accommodate innovation.
When they don’t, the inevitable outcome is the downward spiral which has seen major companies such as Yahoo! and Blackberry misses out on market share thanks to their inability to embrace.
Business owners need to adapt in order to thrive, and sometimes that requires a whole new product range or spec.
Business owners often have to wear a few different caps in order to keep their businesses afloat and that of the inventor is often deployed as the market shifts to better, bigger, and faster.
It takes determination and a willingness to succeed to keep a business from stagnation.