All businesses have ups and downs when it comes to growth – that’s normal. It’s when growth starts to plateau and new opportunities for increasing revenue become a thing of that past that you should start worrying. Often this happens without anyone noticing and then before you know it, you’re stuck in a rut. Sound familiar? Here’s some reasons your business growth may have stalled and how to rectify it:
Most business owners understand that you must invest money to make money, but it’s important to realise that this relates to all aspects of the company – from employing staff, to investing in effective marketing and researching new investment opportunities.
If your business growth has stalled, have a look at where your earnings are going – is money being put back into the business to fund new wings, hire talented staff or optimise your offerings? Or is it being wasted on unsuccessful products and services or unnecessary projects? The difference between a rapidly growing company and one that has plateaued is they know when and where to invest.
Continuous personal development is integral not only to your growth, but to business growth as well. Across all markets, things are always changing and it’s very easy for those who don’t have their finger on the pulse to be left behind. Likewise, new technologies are always emerging, which require new skills and understanding to operate.
Consider how much time and effort you put into making sure you’re at the top of your game. As the leader of the company, you should have a firm understanding of both the business happenings and the wider industry trends at all times. You might think it’s a waste of time, especially if you have many staff who are very switched on, but staying informed personally is an invaluable use of time.
Calculated risks are so important to business growth and development, and not just in the early days. Even well-established businesses must take risks to ensure emerging opportunities for growth can be taken advantage of. This is also a great way to stay ahead of the competition.
While risks involve a chance that things won’t work out, they can be the difference between a company that keeps its head above water and a company that grows exponentially. Take it from someone who has done it – Mark Zuckerberg, who says “The biggest risk is not taking any risk. In a world that’s changing really quickly, the only strategy that is guaranteed to fail is not taking risks.”
Most new businesses will create a business plan that identifies both short and long term goals. As the years go on, business success can seemingly start to happen on its own, so things like taking time to plan realistic goals is not deemed necessary.
But this is not a sustainable long-term attitude – businesses without goals fail. And businesses with poor goals aren’t given their best chance of success. If business growth is stalling, consider looking back at your original goals or setting some new goals. Goals provide direction, give you something to work towards and allow for accountability at the end of the week, month or year.
Starting a business is great; you’re constantly pushing yourself to achieve your goals and you dedicate countless hours and energy toward making your passion project a success. But somewhere along the way, you become complacent and settle for the same old results. As you plateau, so does your business’ growth and you become stuck.
But you can’t expect your business to grow if you are not growing with it. Much like the idea that you need to spend money to make money, you also need to invest effort and passion to see growth in your company. If the leader of the business isn’t enthusiastic, dedicated and ready to give a little extra, growth is not likely to happen.