Top 3 Barriers To Growth
When I came across the results of this survey I did not know whether to cry or laugh. Instead I remembered a saying my father used to say: “the more things change, the more they stay the same.” And stay the same they have. These results are similar to survey results I had over 20 years ago. What am I talking about?
Held in conjunction with ‘AccountantsDaily’ earlier this year, My Business surveyed over 647 SMEs across Australia to get their take on what they saw as growth barriers to their businesses. Most (58%) said that they have been operating their businesses for 11+ years. We can say then that these businesses have been around a while.
So what were the top three barriers?
1. Attracting new Customers – 34.2%
2. Availability of skilled staff or experienced managers – 14.9%
3. Competition – 10.5%
Each of these relates to the market or competitive environment. None of these are internal issues. If nearly 60% of your growth barriers are external why is it that business executives are so internally focused?
What does this say about the quality of strategic planning, marketplace knowledge and competitive thinking? Want to lower your barriers to growth? Then take the time to understand your competitive environment. Or you could give us a call.