Three Reasons Why Your Business Isn't Growing
African women have shown dominance in different industries by raising the bar and impacting the world globally which is undoubtedly good news. However, some female-owned businesses struggle to grow.
Female entrepreneurs have a lot to grapple with and these challenges might not stop sprouting their ugly head up. It is a tug of war but it’s not one that you can’t win. Several entrepreneurs have fought the battle and will keep fighting and so will you.
In an examination of growth in terms of sales, employees, revenue, and productivity, Bardasi, Sabarwal, and Terrell (2011) found that although women‐owned businesses in developing countries may be smaller in size because they start from a lower base, they are equally as efficient and growth‐oriented as male‐owned businesses. Now, let’s dive in. Why are you not growing?
1. Survival Scheme - Do you own a business to survive or it’s purely out of necessity. We will do well to remember that surviving is a must but owning a business out of necessity isn’t the best way to start and nurture any business. You won’t be able to grow a multinational business if it’s about the present. You need to draw the line and intentionally decide to grow your business for the future.
2. Lack of funds - We definitely can’t deny how easy access to funds can elevate your business and take it from where it is to where you want it to be. We know the process can also be daunting, that’s why we look out for you by giving you access to different grant opportunities weekly. To get free access to funds, click here to join our Telegram Community.
3. Finally, being digitally literate can save your business. According to the MIT research, Boards of directors with greater digital awareness have 38% higher revenue growth. The impact of driving awareness for your brand will definitely be evident when the results show.
Now, let’s check your reason. What’s your why? Why do you own your business? Why do you want to be the next mogul in your industry? Check what motivates you and go all out to achieve enormously great things. It’s your time to fly again!