Growth is at the forefront of every business leader’s mind; it’s what you’re always striving for. If your business isn’t growing, then something must be wrong – especially if it’s going in the opposite direction and seeing a decline in profits and revenue. Owning or leading a business means you need to solve problems like these, which starts with identifying what is holding your business back.
Your core issue may be unique to your company, though you can definitely pinpoint some common worries that many business owners share, particularly in this day and age. Below, we reveal a handful of the most critical concerns getting in the way of your business growth.
Economic Uncertainty
It’s not surprising that growing companies worry about economic uncertainty in the world. You need only look at the stock market fluctuations in the last few years to see how turbulent everything is. The most prominent worry is that we’re heading for an extended period of economic uncertainty, the likes of which we haven’t seen since the 2008 global recession. This has been a big fear now since the 2020 pandemic, though it’s heightened by geopolitical changes – like the controversial Trump tariffs.
It all means that business owners fear a dramatic economic downturn that forces them to cease vital operations or downsize. Those who ran businesses during the previously mentioned recession can only recall with dismay how badly that affected small companies. It’s also the biggest worry because it’s one that a business seemingly has no control over. Yes, you can create contingency plans, but a big economic recession will always stunt growth, regardless of how well you prepare.
Security Threats
Business leaders also worry about emerging security threats and what they mean for business growth. Strangely, this somewhat ties into the previous point about economic uncertainty. There’s a fear amongst some leaders that if the economy continues in a downward spiral, it’ll lead to public unrest. This can cause an increase in burglaries and physical security threats for businesses. At the same time, there’s still the growing worry about cyber threats and how they can impact businesses of all sizes.
The only good thing about security threats is that they’re the most preventable of these business growth problems. Physical on-site security can be improved with updated access control systems and enhanced security barriers or alarm systems. You can also invest in cybersecurity defences to stop online threats. While the results of a security threat are extremely devastating, there are ways to prevent them from happening in the first place.
Key Talent Availability
There’s been a worry for a couple of years now that we’re dealing with a shrinking talent pool. You can look at various factors for this, such as:
- An ageing workforce
- Younger workers shifting to self-employed jobs
- An increase in more specialised jobs
The result is that there are fewer people to call upon for more of the “standard” jobs in a business. It’s harder than ever to find receptionists or admin assistants because the younger workforce is over-qualified and looking for more specific jobs with better pay. It’s something businesses worry about because it means they either need to spend more money hiring employees or attempt to grow without expanding their teams.
Regulatory Changes
Businesses in some industries worry about regulatory changes forcing them to alter their approach and completely ruining their growth. The best example of this comes from the automotive sector, which has new regulations forcing car manufacturers to switch to zero-emission vehicles. It’s caused loads of problems for established car brands in this space, leading to some of the biggest companies seeing drops in sales.
Nissan is the perfect case study for this; it was once Japan’s second-biggest car manufacturer, but a decrease in sales due to electric vehicle regulations made it lay off over 9,000 employees in 2024. You can look at other industries to see similar trends where the tightening of certain regulations makes it harder for companies to compete or continue at their current pace. As such, business owners will always worry if the next regulatory change affects them.
Let’s finish this post by going back to the introduction and thinking about problem-solving for a moment. These four issues represent big problems that might stand in the way of growth for your business. Your task is to work out how to handle and mitigate these problems so your business can keep growing at a sustainable rate. It all starts by analysing your company and figuring out which of these issues is the biggest.
