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Best Things to Try If Your Business Is Not Growing

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Best Things to Try If Your Business Is Not Growing

Best Things to Try If Your Business Is Not Growing

Most business owners want to put money into their company in order to help it develop. You may see exponential growth in the early stages of your business; people are learning about your company for the first time, they’re having positive first impressions, and the novelty of your brand is still fresh enough to help it spread.

This is both thrilling and comforting, since it opens up new income sources while also supporting your company model’s existence.

But what happens when the rate of growth slows down?

Fortunately, there are a variety of small business development tactics you may employ to re-energize your company and re-establish its momentum.

Best Things to Try If Your Business Is Not Growing

Is Your Company Trapped?

First, determine whether or not your company’s growth has slowed. Most firms go through activity cycles, which include busy and sluggish periods. They also tend to fluctuate in response to economic situations; if the larger economy is experiencing a downturn, it’s only natural that sales will drop or growth will cease.

If you’ve seen a flattening in sales for more than six months, or if you’re observing stalled momentum in a number of areas, your firm may have reached a plateau. This isn’t a strict rule because different sectors have varied growth rates and pathways to expansion, but it’s still crucial to think about your company’s growth in the long run.

Techniques to Try

So, what strategies can you employ if your company’s growth has slowed to a halt?

  1. Define your objectives. Examine your existing objectives and expectations and be open to adjust them. There’s a potential that your apparent stagnation is just the product of unrealistic expectations, backed up by a goal that never made sense for your company to begin with. What is the ideal rate of growth for you? Also, bear in mind that if your company expands too quickly, this might be an issue. Your plateau may no longer appear as frightening if you’ve set stronger goals and expectations.
  2. Get a different point of view. Try to acquire some outside input about your company. Depending on your resources and how long you’ve been in company, this might involve speaking with a mentor, hiring a consultant, or just bringing in new blood. Outside observers will be able to provide you a more objective perspective on how your company operates and what it could be missing.
  3. Swap out the people in charge. To promote development and support operations, businesses rely heavily on leadership. If things aren’t going your way, think about switching up the leadership. This might entail hiring new managers and directors, or it could just entail shifting the viewpoints and attitudes of the executives you presently have. In any event, if you want to get your firm back on its feet, you’ll need to adjust.
  4. Put an emphasis on innovation. Even a single significant idea might be enough to breathe fresh life into your company and propel it forward. Make innovation a priority for your company; encourage your employees to come up with new ideas on a regular basis, and provide lots of funds to new product and service research and development.
  5. Research your competition. Take a peek at your competitors if you’re experiencing slow growth. If you discover that all of your rivals are having similar problems, it’s possible that you’re dealing with an industry-wide issue. Try to figure out what it is that a rival is doing differently in this setting if they seem to be succeeding. While copying your competition may not be the best strategy, you can at least learn something from them.
  6. Seek advice from your consumers. Ask your consumers what they think about it because they are the lifeblood of your company. Are they satisfied with the services and products provided to them? Is there anything else your company might be doing for them? Also, consider getting a business phone number.
  7. Go to a different market. You might also try to jump-start your company’s expansion by entering a new market. You may, for example, attempt reaching a new demographic with a new product line or physically expand to a new geographic location.
  8. Reevaluate your situation on a regular basis. Take a look at your objectives and how far you’ve come toward achieving them. In the corporate world, things change rapidly, therefore you must be adaptive.

These strategies might not be able to get your business out of a rut right away, and some of them might not be right for your brand. However, if you keep innovating and pushing your company ahead, you should be able to regain and renew the momentum that got you here.

6 Secrets for Growing Your Business

There’s no surefire formula for instant success, but you can boost your business’s growth with these tips from startup founders.

1. Hire the right people.

Before you can even think about your company’s growth trajectory, you need to have a solid staff to help you achieve your goals.

“Hiring the absolute best people you can is a surefire way to ensure fast growth,” said Christian Lanng, CEO and co-founder of business software provider Tradeshift. “It’s all about having the right team.”

With hardworking employees dedicated to your company’s success, your business will be better equipped for continued growth. In addition, delegating tasks to focus on important work will free up your time and energy, allowing you to perform at your best and cultivate a collaborative work culture.

2. Focus on established revenue sources.

Rather than trying to acquire new customers, direct your attention to the core customers you already have, suggested Bill Reilly, a Wisconsin-based auto repair entrepreneur. You can do this by implementing a referral or customer loyalty program or trying out marketing strategies based on previous purchasing behaviors to encourage repeat business, he said.

This focus on your established market is especially important if you’re trying to get funding.

“In the past, we would highlight our business goal to become a franchise, which didn’t resonate with banks,” Reilly said. “We learned to emphasize that there is a large market for what we do. This would pique a banker’s interest, because they care about the return on investment more than your business aspirations.”

3. Reduce your risks.

Risk is an inevitable part of starting and growing a business. It’s impossible to control everything, but there are many ways to limit internal and external threats to your company and its growth. One important resource to help you accomplish this is your business insurance provider.

“Small businesses need to manage their growth to avert disruptions that can bring business to a grinding halt,” said Mike DeHetre, vice president of product development at Travelers. For example, “the theft of employee data, customer records, and product designs can destroy a small business, generating significant costs and eroding customer confidence and loyalty. Not every business owner’s policy covers data breaches or other cyber losses. Small businesses should be prepared by seeking insurance products that help them recover, including those that cover the cost of remediation and lawsuits.”

As your small business grows, you may add space or equipment, create new products or services, or increase your operating and distribution footprint, so DeHetre recommends periodically reviewing your policy to ensure you have the right coverage.

“It’s easy to forget this step amid rapid expansion, but you don’t want to find out that you’ve outgrown your coverage just when you need it the most,” he said.

4. Be adaptable.

One trait that many successful startups have in common is the ability to switch directions quickly in response to changes in the market. Lanng said that an agile approach to development, both in your product and your company, will help you grow more quickly.

“By allowing yourself to adapt and change quickly, you’re able to test different approaches to business and find out what works best,” Lanng told Business News Daily. “It allows you to fail, pick yourself back up and keep going.”

Chris Cornell, founder and CEO of Manhead Merchandise, said his company has found adaptability to be key in expanding its client base beyond its initial focus on music merchandise.

“Look to current pop culture trends for an opportunity to become part of the movement when it makes sense,” he said. “In an era of internet fame, we looked to expand our horizons beyond the music industry. We partnered with ‘The King of Pop Culture’ and Insta-famous pup, Doug the Pug, to release his new gear. Recognizing the reach and popularity of Doug, we were able to take his merchandise to the next level, extending our business model beyond bands.”

5. Focus on your customer experience.

Customers’ perceptions can make or break your business. Deliver quality experiences and products, and they’ll quickly sing your praises on social media; mess it up, and they’ll tell the world even faster. Fast growth depends on making your current and potential customers happy with their experience.

“Compared with large companies, small businesses are nimble and often better able to see, anticipate, and respond to their customers’ needs,” DeHetre said. “The most successful small businesses exploit this advantage by bringing new and innovative products and services to market more quickly and developing and nurturing long-term customer relationships.”

Dennis Tanjeloff, president and CEO of Astro Gallery of Gems, agreed. He said listening to your customers and giving them what they want is of utmost importance. [Learn how customer relationship management software can help you better understand your customers.]

“Diversify your offerings so you can best cater to the customers’ changing tastes,” Tanjeloff said. “Remember, you are here to serve the customer – it’s why you are open for business.”

While engaging with your audience is crucial, personalizing the experience can boost and strengthen that relationship.

“At Manhead, we come up with unique creative designs, customized storefronts, and pop-up shops personalized for each band [we work with] to help them engage with fans in a new way,” Cornell said. 

6. Invest in yourself.

In the early stages of your business, you’ll likely see a very lean profit margin (or no profit at all), so any money you do make should go directly to helping you grow.

“A startup’s ability to invest in itself [helps] accelerate growth,” Lanng said. “In those early years, it’s critical to make sure that you’re redirecting any revenues back into the company. It’s vital to invest early and heavily in order to grow quickly.”

While it might be tempting to pocket all your profits, it’s better to invest in your business’s growth so you can reap bigger benefits later. Determine which parts of your business need more attention: For example, do you need to hire more workers, expand your marketing efforts, or secure additional funding? When you find a crucial area that needs improvement, give that area your financial support.

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