You’ve put everything into your company, so when your business isn’t growing, it’s only natural to want to hit the panic button. Before you do, take some deep breaths and take stock in the fact that you can turn things around. The following tips will get you started.
What to do if Your Business Isn’t Growing
Yes, it can be upsetting to watch your bottom line shrink, however, waiting for the next shoe to drop won’t help. The sooner you take charge of the situation, the faster you’ll get your business back on track.
- Look at the tools that helped build your business in the first place. Are they still working? Examine your marketing plan—is it still tailored to the needs of a startup? Have you overlooked the importance of customer care and retention in the quest to gain customers? If so, adjust—these tips from Hubspot can help.
- Consider your staff. Are the people you started with holding you back? Do you have too many thinkers and not enough doers? Do you lack people in critical skill positions? Sometimes it takes a reckoning and a retooling to get things rolling again.
- Leave no stone unturned in your search to find answers. Are your cash management skills in need of review by a business banker or accountant? Is it time to hire an agency to create a marketing plan that leads to measurable, positive results? There are no sacred cows at this point, so look everywhere for ways to improve your bottom line.
Today, business owners have access to more technology than ever.
Apps for project management, time tracking, on-time ordering—the list is endless—are literally at your fingertips. For some of the best ones, check here.
- Be intentional about using social media to grow sales and market share. With so many platforms available you can bet that there are at least one or two that are tailor made to help you grow your business. For help choosing one, check out, Choosing a Social Media Platform.
- Reimagine running your business with technology at the forefront. Are there better systems that could streamline your operation and save you money? More ways to sell in far-off markets by leveraging the web? Or, consider managing inventory with a digital solution.
While business as usual is a comfortable way to work, when sales are slipping the usual won’t cut it. As cliché as it sounds, it’s time to think outside the box. Look to other businesses and see how they reinvented themselves then try to emulate this.
- As high-end organic food sellers struggle, purveyors like blueapron.com have reimagined how good food leads to good cooking. They’ve perfected an online delivery system that brings gourmet ingredients, preparation instructions and a complete dining experience right to the consumer’s table.
- When companies such as Uber and Lyft came on the scene, the convenience of catching a ride with a tap of a finger changed the taxi service game. They also created new “gig” opportunities for drivers in the process.
Keying in on Growth
The key here is to find the angle that puts your business in the best position to succeed. This may require some soul searching, focus-grouping or even a little time away from the job to clear your head and think different. You have it in you, however—all you have to do is take charge.