People in business often have great ambition and hope to see their enterprises take significant steps forward every couple of months. Many entrepreneurs, however, get to a point where their business’ growth stalls. Your business may have superior customer service and an excellent product but still, experience the much-dreaded plateau stage.
How should you handle a growth plateau? The quick fix is often to invest more money to reinvent the business or put more resources in aggressive marketing. Before you think of securing a new loan for your business, consider the reasons that keep your business from flourishing and address them individually.
Poor Communication with Employees
Keeping your employees calm, healthy, and productive guarantees success for your business. You may overlook the place of regular communication in keeping your team on the same page. Most entrepreneurs make decisions at the top level and hope that this information will trickle down to every employee in the company.
Choose the right communication channels and ensure that your audience includes everyone. Slack, desktop alerts, and email are some of the workplace messaging tools that can help you reach everyone. Effective workplace communication provides a clear sense of your short term and long term goals, helping everyone know where they need to place their focus.
Design an internal communication tree to help keep updates frequent and transparent. With consistent and concise messages, you’ll have an easier time rallying everyone to their responsibilities. Reinforce all your company updates and have everyone moving in the same direction.
As an entrepreneur, you may fall into the trap of camouflaging your business to fit in with the competition. At this point, nothing makes your business stand out apart from its name and face. Many companies take this route in a bid to play it safe.
Find a uniquely valuable product to set your business apart from the competition. Consider a webinar or a customer meet-and-greet to shake up your customer base. Add a little creativity and courage to your business as you take a step outside the box.
Little or No Collaboration
A lot of your business revolves around your expertise, and you don’t have partners to provide contrary opinions. As you try to shoulder the responsibility for diverse tasks, some of your efforts will go down the drain. It won’t be long before you experience burnout, and your early success fades away.
Budget constraints may make you reluctant to outsource tasks like content development, website maintenance, and marketing. Depending on DIY on everything will, however, distract you from growing your business.
Consulting assistance available on LinkedIn may help you get your business out of the rocks and back on its feet. You could also opt for a smaller, focused marketing agency that won’t cost you a fortune. The idea is to free your hands and mind to focus more on selling and growing your business.
Outdated Business Plan
When you set up the business, you probably didn’t anticipate a change in the market. You now have to tweak your plans repeatedly to fit the dynamic trends. It’s perhaps time to take stock of your plan and decide if it’s relevant to the present times.
Your industry keeps changing as clients demand better products, and the economy continues to evolve. An up-to-date plan lets you align your goals, products, and services to the current market state. Work on any flaws in your business plan regularly to stir up the growth of your business.
Everyone is trying to find their big break that they often overlook essential focus areas. Huge clients may seem appealing, especially when they bring along big orders. The resources and energy you invest in landing such deals may, however, not do your company any favors.
Entrepreneurs who enjoy greater success tend to focus on a smaller, steady client base. A consistent clientele provides a reliable stream of income while offering feedback to improve your products and services. You won’t have your business relying on large projects that are hard to come by.
One of the biggest culprits that can cause your business to come to a stand-still is unnecessary spending. When budgeting for your business it is crucial that you save money wherever possible to increase your overall profits month to month. Take a look at your monthly incomings and outgoings and you may identify some areas where money is being spent without cause:
- Rent – if 2020 has shown us anything, it’s that working from home can be a life-saver. Instead of spending tons of money on renting an office, allow your employee to work remotely and save money.
- Apps – there are so many free business tools out there in the world that there is no reason to pay. Research free tools and applications you can use and stop paying unnecessarily.
- Office supplies – in this day and age there is no reason to be printing documents out unless completely essential. If you are looking to save money, stop printing and you’ll save a ton on ink, paper, and printers.
If you feel as if your business is going nowhere this year, it may be down to your branding. Branding is the most crucial part of setting up a business as your brand is your identity and how people recognise you. To improve your branding this year, consider things such as Shrink Sleeve Labels for your products, a new colour scheme to grab attention, and new marketing material. Ensure that your name is out there and that people know who you are.
Businesses tend to enjoy a rapid growth spurt before slowing down to unprecedented levels. Rather than try to find excuses, successful people in business figure out the causes of the plateau and fix them. Take proactive steps to transform your business model and watch your stunted business get back on its feet.