If everything’s going too steady for a while, you need to bring back energy to your business
Most businesses start out very exciting and there can be a lot of things happening at once to make a strong entrance to the market. But there’s a certain point when things slow down and the business is at a plateau. While this is normal, business owners should still try to address the situation by coming up with things that would restart the momentum.
I’ve worked with a lot of business owners and I’ve learned that most of them, during this period of business stagnation, do absolutely nothing. They feel like there’s really nothing to worry about, especially when they’re still able to meet their sales targets. However, it’s very dangerous to allow your business to stay inactive and sluggish for an extended period of time.
Below are some of my suggestions on how you can bring back the life into your business before it’s too late:
Fall in love with market research — again
If the last time you’ve done some market research was back when your business was just starting out, then chances are your business is in a rut right now. Continually learning about and understanding the market is something that most entrepreneurs fail to commit to. Remember that your market is always changing and evolving. Take time to observe and see what is shifting around you. Have your customers evolved? Have your competition advanced?
Embrace technology and get more social
Modern software and technology will help enhance the efficiency of your company in a dramatic way, but only if you know how to use it properly. Be open to automating certain parts of the business if possible. Start with your finances, HR all the way to your marketing. Leverage the internet and the world of mobile, too! Be more in touch with people outside the company and it will be much easier for you to come up with an idea to reinvigorate your brand.
Rethink your product or service
When you’re not seeing any growth, you’ve got to ask yourself why. One of the most common reasons is an outdated product or service. Naturally, if your competition is producing a better version of what you have, people will lose interest in you. Go back to the drawing board, but it doesn’t mean you’ll have to go back to square one. Take the opportunity to discover new gaps in the landscape, and tap into emerging markets that you think you can flourish in.
Boost your networking
Most business owners don’t believe in networking enough to allocate resources and time around it. They tend to forget that no matter what industry a business operates in, it will always involve people and connections. It’s not what you know, it’s who you know. Networking provides limitless opportunities. If you haven’t done it yet, start attending local networking events or trade shows. Introduce yourself and strike up conversations. Connect with peers on Twitter and LinkedIn. Participate in discussions and be involved in anything that involves a large audience.
Revisit your personal and business why
The ability to evolve and adapt is what keeps a business running, but there’s really no point in keeping it running if it doesn’t address your most basic objectives. Remember, your ‘why’s are the reasons for starting up your business in the first place. Whatever ‘new’ strategy you come up with, make sure that it still anchors to your established goals. This helps create inspiration from the desire to achieve your deepest aspirations, and will make the planning and executing part a lot easier.
Want to bring back and sustain the energy in your business? Business Coaching can help you. 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.
For schedules and more information, visit our Events page.