Dear Brit: 'What Can I Do to Help My Business Grow?' The eight steps that will get your business moving in the right direction.
By Brit Morin Edited by Jessica Thomas
Opinions expressed by Entrepreneur contributors are their own.
Brit Morin was 25 when she left Google to start Brit + Co, a lifestyle and education company aimed at helping women cultivate creative confidence. Now — 10 years, $50 million in funding and 1.2 billion pageviews later — Morin's passion is empowering more women to take the entrepreneurial leap. She's a managing partner at VC fund Offline Ventures, host of iHeartRadio podcast Teach Me Something New, creator of Selfmade, a 10-week start-your-own-business course for women founders, and most recently — Entrepreneur advice columnist. Find her here answering the most personal and pressing questions of women entrepreneurs.
Have a question for Brit? Email it to dearbrit@brit.co, and she could answer it in an upcoming column!
I feel stuck in my business. What can I do to help it grow?
Feeling stuck in your biz can be super uncomfortable, but it's also an opportunity to take a step back and reevaluate what is and isn't working. Depending on the specifics of what you're experiencing, there are a variety of tactics you might consider, but you'll want to look through the lens of the issues you may be facing.
Read More: Dear Brit: 'When Should You Give Up On Your Business?'
For example, if you're lacking customers, you'll want to focus on marketing and lead generation strategies. If you're facing financial difficulties, you'll want to look at ways to cut costs or increase revenue. If you're having trouble with employee morale, you'll want to focus on communication and team building.
Read More: Dear Brit: How Do I Set My Brand Designer Up for Success?
No matter what your particular situation is, here are a few general tips to help you get unstuck and move forward in your business:
- Define your goals. When you're feeling stuck, it can be helpful to take a step back and evaluate what you're hoping to achieve with your business. What are your long-term goals? What are your short-term goals? Once you have a clearer idea of what it is you're working towards, you can start putting together a plan of action to help you get there.
- Take a fresh look at your target market. If you're not seeing the results you want, it might be time to take a closer look at your target market. Are you targeting the right people? Are you reaching them in the most effective way possible? Sometimes, making a few tweaks to your target market can make all the difference.
- Review your marketing efforts. Are you happy with your current marketing strategy? Do you feel like you're reaching an engaged audience? If not, now is the time to make some changes. Try out new marketing channels, or experiment with different types of content, prompts and methods to get your audience to engage. Keep track of what works and what doesn't, and adjust accordingly on the fly. Rapid testing is key at this stage!
- Evaluate your pricing strategy. If you're not bringing in enough revenue, it could be due to an issue with your pricing strategy. Take a close look at your prices and see if there's room for improvement. Are you charging too little? Too much? Are there other options you could be offering? Perhaps a subscription or membership offering that would create more recurring revenue per customer?
- Get feedback from customers and employees. If you're not sure what the problem is, ask those who are closest to it: your customers and employees. They can offer valuable insights into what's working and what isn't. Be sure to listen with an open mind and be willing to make changes based on what you hear.
- Simplify and streamline your operations. Sometimes, the key to growth is simply making things easier for yourself and your team. Evaluate your current processes and look for ways to streamline them. Automate where possible, and get rid of anything that's holding you back.
- Focus on your strengths. When you're feeling stuck, it can be tempting to try to do everything yourself. But this is often not the most effective approach. Instead, focus on your strengths and delegate or outsource the rest. This will free up your time so you can focus on what you're good at, and it will also help you avoid burnout.
- Seek out help and advice from others. If you're struggling to find a way forward, reach out to your network for help and advice. Talk to other business owners, join a mastermind group, or hire a business coach. In my accelerator program for female founders, Selfmade, our coaches and mentors work with entrepreneurs daily to help them overcome these types of challenges. Sometimes, all it takes is a fresh perspective to see things in a new light and find the solution you're looking for.
These are just a few general tips to help you get unstuck in your business. Want tailored advice? Reach out to me by DM at @brit and I'll point you to resources!
Read More: Dear Brit: "How Do I Know if I Have Product-Market Fit with My New Business?"
