4 Barriers To Business Growth And How To Overcome Them

No matter how passionate you are about your business and now matter how hard you work, you’re likely to encounter a number of obstacles on your path to success. Here are just 4 barriers to business growth and a few suggestions to help you overcome them.

1. Poor staff retention

Staff retention struggles can be a huge roadblock to business growth. After all, with a promising business to grow, the last thing you want to be worrying about is filling job vacancies within your company.

If you keep losing your best team members, your own productivity isn’t the only thing that could take a hit. You may also see a fall in staff morale, a surge in business costs and even a dampened reputation.

Thankfully, by making a commitment to keeping your employees happy, you can improve staff retention and facilitate business growth. Here are just a few ways to do just that:

  • Hire the right people – even if the recruitment process takes longer than you’d like it to
  • Train your employees and help them to develop their skills
  • Pay a competitive wage
  • Offer flexible working hours

2. Skills shortages

If you’re the owner of a small startup, you’re likely to have experienced your fair share of skills shortages. As we mentioned earlier, training your employees can help tremendously.

Skills shortages can also often be resolved by outsourcing certain tasks. From sending your invoices and bills to an accountant to hiring a digital marketing agency, there are so many aspects of your business to consider outsourcing. You might find our post on the 5 things to outsource in your small business helpful.

3. Outdated technology

Whether your employees are having to use slow computers that hinder their productivity or your lack of cloud computing software prevents you from fully embracing the perks of remote working, outdated technology can be a huge roadblock to success.

The cost of new devices and tools may bring tears to your eyes, but if you invest in the right assets, you have the potential to experience growth.

4. A lack of tech knowledge

Outdated devices and software aren’t the only technology-related barriers to business growth. Many entrepreneurs are held back by a lack of tech knowledge.

In a bid to tackle this problem, some business owners invest in courses and classes so they can adopt a ‘jack of all trades’ approach and manage every facet of their company. However, this can see the number of hours you have left to spend on other things plummet.

Instead, many businesses may benefit from outsourcing their IT support. By investing in an external IT support company you can access several experts’ skills at the fraction of the cost you’d need to recruit these skilled technicians in-house.

If you feel like your IT skills aren’t up to scratch, don’t let this be a stumbling block to success.

Here at Prism we can help you grow your business with the help of ongoing business IT support, cloud computing and robust security solutions. To learn more about what we do, please get in touch with our team.