Is Your Business Growth Stagnant?November 30, 2016
In order to attain long-term success, it’s vital that you put your business on a path to continuous growth. Although some business owners are able to keep their heads above water while just doing the status quo, most business owners don’t aspire to get by with the bare minimum. While you might find yourself able to carry through this year, the future of your business isn’t guaranteed. If you think your business isn’t progressing the way that it should, read on to see if your business fits any of these key indicators for stagnant business growth.
1: No Plans or Goals
For many businesses, the company starts with an idea, a marketable good or service, that is then provided to customers in exchange for payment. Successful business owners create a plan with clear cut goals and a strategy to get there. Without having that in place, many businesses peak and then peter out after a period of stagnation.
2: No Innovation or Improvement
After all, business growth entails more than just creating more work and revenue. In order for a business to continue to grow, it’s imperative that top level executives, or in smaller scale companies, the actual owners, are continuously seeking ways to improve their business and potentially provide new services to their customers.
3: Disgruntled Employees
From an employee’s perspective, if you don’t see opportunities for growth, you’re going to feel stuck, which leads to being dissatisfied in your position. As a business owner, if you’re seeing once top employees disengaging from your business and/or their duties, that’s a huge red flag — and even worse if you find they’re leaving the company.
4: Focusing on the Wrong Factors
If you’re only focused on doing more — making more sales, working more hours, or generating more revenue, but you’re not paying attention to making your company run more efficiently, you could end up doing the opposite of what you hope to achieve. The cliche of “work smarter, not harder” rings very true when it comes to stimulating business growth.
5: Not Enough Time Invested
Although it takes money to make money, successful business owners know that they have to invest a significant amount of time into their company. Many business owners put in that time initially, but once the company begins making a decent amount of profit, they dip out. This can cause business growth to slow down, or worse, crash. It’s important to evaluate how much time you’re spending on your business, as well as how efficiently you’re working, in order to find ways to stimulate growth.
Seek Help to Grow Your Business
There are many ways to revitalize growth in your business, but because every business is unique, it’s important to truly evaluate all aspects of your business. What works for one business may not work for another, especially when it comes to stimulating growth. If you find that your business is just plugging along and not growing the way that it should, you’ve got options. Call Qorval to examine your business and jumpstart your business’s growth!