Feeling stuck? 7 ways to get your business growing again

Almost every business owner hits a point where the business stops growing. You're working as hard as ever, maybe harder, but revenue has flattened, profit isn't moving and you can't see the next step. If that sounds familiar, you're not alone, and it's usually fixable. Here are seven steps we work through with clients who feel stuck.

1. Get clear on where you really are

It's hard to fix what you can't see. Start with a few honest numbers: revenue for the last 12 months, gross profit margin, net profit, and how much cash you have on hand. Then go one level deeper. Which services or products make the most money? Which clients take the most time for the least return? Up-to-date bookkeeping makes this quick. If your books are months behind, that's the first job.

2. Find the bottleneck (it's often you)

In many small businesses, the owner is the bottleneck: every quote, every decision and every tricky job runs through you. For two weeks, write down where your time goes. Most owners find hours each week on tasks someone else could do, which is time that could go into sales, staff or planning.

3. Review your pricing

Pricing is the most powerful lever most businesses never pull. When did you last put your prices up? Because a price rise goes straight to profit, small changes add up. On $500,000 of revenue, a 5% increase with the same volume of work is $25,000 more profit. Look at what competitors charge, where you add the most value, and which work you're underpricing.

4. Focus on your best customers

Your best customers already trust you. Look for ways to do more for them, ask happy clients for referrals and Google reviews, and consider letting go of the clients who drain time and margin. Growth often comes from doing more for fewer, better customers rather than chasing everyone.

5. Systemise, automate and delegate

Write down how the important jobs get done, so someone else can do them the same way. Use cloud tools such as Xero to automate invoicing, reminders and bank reconciliations. Then hand off the work that doesn't need you, whether to staff, a virtual assistant or an outsourced bookkeeper.

6. Make a plan with numbers in it

"Grow the business" isn't a plan. Set three or four goals for the next 12 months, such as revenue, profit, new clients or time off, and break them into quarterly targets. Back them with a cash flow forecast so you can see whether you can afford to hire, invest or take on bigger jobs. Then review your progress every month. Fifteen minutes with your numbers each month beats a big plan you never look at again.

7. Get an outside perspective

When you're in the business every day, it's hard to see it clearly. An adviser, mentor or peer group can ask the hard questions, spot patterns you've stopped noticing and hold you accountable. The most successful owners we work with all have someone they talk their numbers and plans through with.

Is it a cash flow problem in disguise?

Sometimes "stuck" really means "out of cash". If you're always waiting on customers to pay, chasing supplier deadlines or worried about BAS, start there. Tighten your invoicing and follow-up, check your payment terms, and forecast your cash 13 weeks ahead so there are no surprises.

Where to start this week

Pick one step, not all seven. For most owners, the best first move is getting clear numbers and blocking out an hour to look at them properly. If you'd like a hand, our business advisory and management accounting services are built for exactly this, and your first consultation is free.