Over the past few years, your business has been doing impressive numbers. Your sales and profit have been nothing short of remarkable. However, you’ve noticed you haven’t been able to break a particular revenue threshold. Profit has stayed at a particular margin, and you’re wondering, what could be wrong?
Many businesses remain average because owners don’t know how to scale. Beyond funding, you need to have the right system, technology, processes, and employees in place. A stagnant business is at risk of failure if you don’t shake things up. Here are some ways to shake up your business and get out of a stagnant rut.
- Connect With Your Customer
Your customers are the ones you serve and should be the focal point of all you do. Your business processes and practices should be aimed at satisfying their needs. To grow your business, take customer feedback seriously. What do they think of your business? Are they satisfied with your offerings? These are important questions only your customers can answer. Customers are the end-user of your product or service, a great position to give feedback.
You can use an email or survey to ask what they think needs to change or what they’d like to see in your industry. Collecting feedback shows your customers you care about their input and put them first. It will help inform your decisions and guide innovations to your products.
- Connect With Your Team
The productivity and efficiency of a business are dependent on the employees. Your employees are the middlemen that interface with customers and management. They see things from a unique perspective. It is important to talk to your team regularly and get their thoughts on its needs.
Having regular meetings helps you get feedback, solve problems, and improve bonding. You’ll also want to keep communication channels open with your team at all times. When employees realize they can trust you and freely converse with you, you will leave a door to quick insight open.
Communication is important for the growth of any enterprise. This way, important information doesn’t go past any team member. And in a case where staff can’t easily reach you physically, you can consider creating an anonymous survey periodically. This will allow employees to speak freely without fear of repercussion or offending superiors.
- Update Your Technology
Technology upgrades do not need to break the bank. Using technology can help you boost productivity and bring you out of stagnation. There is software to help improve efficiency in every industry. If you utilize technology correctly, it should save you cost in the end.
When you invest in technologies, it typically pays for itself. With technology, you can develop an innovative approach to sales and marketing. There is less wastage, and communication becomes easier, faster, and more efficient. It would help if you considered upgrading certain systems and services, like your POS and virtual phone service.
Rather than using an on-premise phone system, a virtual phone service based on its cloud infrastructure offers mobility. You also enjoy the benefits of making international calls at cheaper rates compared to telecom operators. Another strategy is to use social media to tell your unique brand story and build an emotional connection with clients. Introducing data analytics to your business also helps you make informed decisions and improve customer experience.
One reason businesses experience stagnation is the mission of the business doesn’t resonate with the market shift. And that’s why a business needs to schedule regular check-ins and anticipate market change. Ask yourself if your product or service is what the market needs right now? Or could it be your brand that needs an overhaul?
There is no better way to give your business a facelift than with a total rebrand. Branding attracts prospective customers and clients while also re-energizing your team. Rebranding could entail redesigning your logo or overhauling your website. The key is to have an established goal to keep everything in perspective, whether big or small.
A business can only grow as much as its employees. If employees aren’t constantly improving their skills, it can cause stagnation. Create time to teach members new things regularly or provide them with learning opportunities such as online courses or mentorship opportunities.
Another way to inspire your team is to get them involved in charity. You can partner with a charitable organization on a special product collection and donate the proceeds. Adding value or being part of a community event helps to inspire and expose your business. As a business owner or manager, you can lead by example and model the change you hope to see.
- Bring in New Personnel
This might not be the most cost-effective solution, but new personnel can be a prudent move. New employees bring new skills and perspectives that the business might be lacking. It also helps to keep older employees on their toes. However, new employees should bring new offerings, and you must allow them to implement these strategies.
Observe the Process
You must implement these strategies in line with your industry. Some are one-offs, and others need to be executed from time to time. Observe how they work and see how you can refine them. Find out what works and double down on it.