It comes down to two words ‘operational expertise’.
What do I mean? I would suggest that the problem is that most small business owners are experts, to some level, in the operational section of their business. In other words the solicitor, garage mechanic, website designer, IT company, photographer etc, are all experts to some level in what they do operationally.
However, all businesses have three sections to them.
Operations, Finance and Marketing
On the finance side, most small businesses realise that they do not have the financial expertise to run their business and so they employ someone who is an expert (an accountant). Here is the BIG mistake!
They trust the Sales & Marketing of their business to someone who has very little
knowledge, no training and even less time – themselves!In other words they trust the most important side of their business (Lead Generation and Conversion) to someone who does not really have the time, training and certainly not the expertise and this is the problem with most small businesses.
Lack of marketing expertise!Marketing is the lifeblood of all small businesses. There are only two ways to increase the profit in your business. Firstly you can cut costs and that is good to do, but there is only so much you can cut. Secondly, you can increase sales by improving your lead generation and lead conversion.
This is where the exponential growth can occur. If a business is marketed effectively and if that marketing is measured and improved on an on-going basis, then doubling the size of the business is a real reality (one of my clients achieved this in just nine months).
But you need a high level of expertise in order to do this.
Only you know if you have that expertise.