01 November 2017

Sometimes the only way for business to survive is to keep growing

Every day, we witness how businesses are continuously developing in terms of technology and strategy.  The landscapes of sales of marketing, as well as that of customer needs are evolving more speedily than ever. And when you’re a business owner, you need to respond quickly to stay relevant and ensure the survival of your company.

All businesses, big or small, strive to come up with new and exciting ways to respond to change and stay in the game. The last thing you’d want to happen is to realise that you’ve been stagnant for too long and not seeing any growth compared to your competitors. The challenge is to know when you need to step up and shift gears.

Below are some of the signs that your business is in critical need of growth in order to survive.

A shift in the needs and preferences of your customers

Because of the never-ending development in technology, a lot of things are being thrown at consumers all at once, and this will most likely change something in the way they live — how they behave at home, at work, how they eat, what they wear, or just their overall lifestyle. If your business revolves around that, then you should be able to observe how needs and wants evolve. Don’t fall into the trap of thinking that your customers are always happy with your product or service. Your business must be quick to adapt to any change to keep itself relevant.

When your business is becoming a successful brand

Is your business thriving as an industry leader? Then now is not the time to relax and be complacent. Instead of feeling smug and wanting to rest on your laurels, push it some more to stay on top. Sustain that drive to become more successful. Celebrate triumphs and share it with your team, but at the same time, motivate them to intensify their appetite for achieving bigger goals. You are the business leader, so that drive must come from you. If you let up, then everyone will lose their enthusiasm too.

Your competition is moving faster

An unmistakable warning sign that you need to get all hands on deck is when your rivals are making you look bad or, at the very least, sluggish and dull. Study your competition and learn what they have done differently, then create your own improved version. See what gave them that traction. Explore their mindset and try to envision what they’re trying to achieve. And while you’re gathering all that intel from other companies, remember that you still need to become an innovator, not an imitator.

Your cash flow is positive but not trending up

Cash flow is the amount of money going in and out of the business. Basically, your revenue must always be enough to cover your expenses for your business to survive. But just because your business has been “surviving” for a long time doesn’t mean you don’t have to do anything about it. If you let your company just stay where it is right now, you may end up wasting a lot of opportunity for growth.

Of course, growth costs money, and you cannot be prepared to grow unless you’re in a position to carry the business until the sales catch up with the investment. So if you have the cash, carefully balance your ability to expand and grow, and when everything makes sense, go for it. If you’re not confident about making big decisions, especially in a critical time, you can always seek business guidance from a professional.

REACH the full potential of your company by working with a Business Coach like myself. My extensive clientele consists of companies based in all of the Midlands including Leicestershire, Derbyshire, Nottinghamshire and Staffordshire. Discover how REACH Business Coaching can help you grow your business by attending our free workshops and seminars.

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