what is the reason small business does not grow
We start a new business but it did not run properly and we had to close it in a few days. What happens in our mind when we went to the interview and we have not passed it? We sit in one place and think that oh man! I failed.
Their are many reason that are responsible for slow growth and sometimes closing small business. These factors are also may be external and internal as well, and it vary from company to company. Lets discuss the factors that commonly we see.
1. Lack of Vision: The small scale business are usually start with a motive to earn profit not growth. In other terms the medium and large scale company invest some portion of their profits in growth like in infrastructure, resource and marketing. The grow a company vision is necessary.
2. Lack of investment: To grow a company investment is necessary, not only for growth but also during expansion. Lack of investment leads to discontinue in business up gradation.
3. Lack of Technology: Many business don`t use the proper technology within their premises, These technologies used to monitor their employee task and analysis. Example many companies use mean stack for web app development because this technology is widely used and simple for developer.
4. Lack of Resource: Small scale company don`t are failed to invest in skilled resources due to low cost budget. This makes lot of time in completion of work. Take an example of a developer, a fresher can complete a task in 4 hours, and experienced developer can complete the same task in 1 or 2 hours. That save companies lot of time.