5 reasons your Blackpool business may not be growing
“Why isn’t my business growing? We’re all working hard and we’re so busy, yet we’re not getting the growth we want.”
Our growth specialists hear this a lot, and it keeps many ambitious, but frustrated business leaders and owners awake at night. Year on Year growth isn’t a given for any company and it can sometimes feel like things are going backwards whatever your efforts.
Here’s a few of the most common reasons we see why businesses aren’t growing.
Unstructured / unclear planning:
What is it they say, “fail to plan, and you plan to fail”. Having a well-structured and realistic strategy and plan is essential. Without it, you’re wandering in the darkness.
A solid plan helps set clear goals, allocate resources effectively, and streamline operations. Planning is not a one-time task; it's an ongoing process that requires constant evaluation and adjustment.
We’re working with a Blackpool company with aspirations to elevate its revenue from £1 million to £3 million. They sought the expertise of the Blackpool Growth Business Academy, recognising the need for a structured growth plan to complement its day-to-day operations. The business owners engaged with one of our scale-up coaches to gain clarity on the next 6-12-24 months, with a focus on setting actionable targets and steps.
Collaborating with an experienced scale-up specialist, the company is undergoing the development of a comprehensive commercial plan to drive its growth.
We’re working with a Blackpool company with aspirations to elevate its revenue from £1 million to £3 million. They sought the expertise of the Blackpool Growth Business Academy, recognising the need for a structured growth plan to complement its day-to-day operations. The business owners engaged with one of our scale-up coaches to gain clarity on the next 6-12-24 months, with a focus on setting actionable targets and steps.
Collaborating with an experienced scale-up specialist, the company is undergoing the development of a comprehensive commercial plan to drive its growth.
Not so effective leadership:
Effective leadership is essential to grow a business. Effective leaders share a compelling vision. Effective leaders inspire and motivate their teams. Effective leaders create a positive work culture. Effective leaders set clear goals and provide direction for their team. Some leaders are naturally more effective in some areas than others. The scale up specialists from the Blackpool Business Growth Academy work with growing and scaling businesses with implementable actions that support leaders to become more effective.
Failing to adapt to customer and market trends:
The world around us is constantly evolving, and so is your target market. Not keeping up with changing trends can be dangerous. Whether it's embracing new technologies, staying informed about competitors, or identifying emerging customer needs, it’s vital to be agile and adapt accordingly. Our growth specialists can help you identify trends and opportunities and help develop actionable steps to staying informed and ahead.
Ineffective marketing:
Effective marketing helps create brand awareness, drive profit, fuel growth, acquire and retain customers and connect with target audiences. It can help boost sales, and create the likelihood of better, more profitable sales. It can help create happy customers and brand ambassadors. It can help your offer stay relevant by understanding market and customer trends. The Academy’s growth marketing specialists are helping Blackpool businesses produce effective marketing strategies and plans that support profitable growth.
Insufficient profit analysis:
The harder you work the more you grow, right? Our growth advisors work with leaders to gain clarity on Profit for Effort. They encourage leaders to look at the gap between effort and profit and put actionable, implementable steps in place to improve profitability.
They help leaders gather data that shows:
a) amount of effort/time by account or contract, and
b) amount of revenue by account or contract
This can be hours spent pitching a new piece of work versus revenue from winning it. Our advisors have seen examples of a company spending 20% of their time to win a piece of business worth 5% of revenue. The gap between those is lost profitability. Applying this thinking across your existing customers and leaders are seeing just how transformational “smart thinking” can be.
They help leaders gather data that shows:
a) amount of effort/time by account or contract, and
b) amount of revenue by account or contract
This can be hours spent pitching a new piece of work versus revenue from winning it. Our advisors have seen examples of a company spending 20% of their time to win a piece of business worth 5% of revenue. The gap between those is lost profitability. Applying this thinking across your existing customers and leaders are seeing just how transformational “smart thinking” can be.
These are some of the reasons why your business may not be growing. Our growth and scale up specialists are supporting Blackpool businesses to overcome these barriers to profitable growth.
Imagine what’s possible when you share your growing pains with a like-minded growth specialist. Someone who can share your growth journey, explore ideas, and discuss challenges. Someone who can cultivate innovation, help foster a culture of continuous improvement, and increased productivity, creativity and sustained success.
Fully funded personalised support is available to help your Blackpool business grow and scale sustainably with our team of growth specialists at The Blackpool Growth Business Academy.
Talk to us
The Academies are fully-funded and here to help qualifying businesses grow sustainably. Talk to us about the support available to grow your business and take your net zero journey. Email info@blackpoolunlimited.com or call The Business Growth Team on 01253 477147
