If your business has been struggling with growth, your dilemma could be a result of early business mistakes. Myriad companies don't experience significant growth because of poor market conditions or bad business initiatives.
What lapses could be holding your business down? And how do you tackle those issues?
To make sure all your efforts are yielding decent results, you should be looking inwards and identifying where you're likely to be hindering the growth of your business. Then make the proper amendments to experience growth.
Here are four of the most common but yet overlooked business practices that can negatively impact the growth of your business.
1. Not Thinking Through Your Branding
Your brand is the most valuable standalone aspect of your business. Not getting your branding right from the onset will set you up for growth struggles in the long term. From your logo design to the color you choose to be known by, your brand is how customers and users perceive you.
In regards to branding, most businesses lack consistency. Being inconsistent with your brand can widen the trust gap between your business and customers. Some 60% of Millennials expect consistency with a brand, whether online, on mobile or in-store, according to statistics from SLD.
Take a look at where you could be going wrong with your brand.
- Business name. The name you choose to call your business will determine how memorable your brand becomes among users. To make your company name resonate more with your consumers, use a highly brandable name consistent with your registered company name, in apps, and on your website.
- Feel and appeal. The feel and appeal your customers get from your brand can be affected by how your logo is designed. Choosing the wrong color for your logo and a poor website design can make your customers avoid making a purchase from your site. To correct this, study what psychological effects every color has on people before deciding to use it for your logo design.