One of the most feared words in the business world is stagnation. This happens when a business’s income reaches a plateau and stops growing at the desired pace. This doesn’t necessarily mean that the company is done for, only that it’s not going anywhere.
This kind of stagnation can be compared to a runner in a marathon. Runners often face what’s called “the wall” during the later third of a race. After 20 miles of feeling good, the runner suddenly can’t seem to put the next foot in front of the other.
Many marathoners learn specific techniques, like mind tricks, to get them past the wall. Like running, there are specific tools in business to help you take your company to the next level.
Find a Way to Reach More People
One reason your company may have reached a plateau is that you aren’t finding any new customers. You might feel comfortable with the loyal base of customers you currently have but if you fail to find new ones you will find your company coming to a quick halt.
There are many ways to reach out and find new people to market your product to. Some of them include attending trade shows, networking, asking for referrals, utilizing Facebook, Twitter and other online marketing techniques or simply getting out and talking to people.
New Products and Services
Generate excitement by offering new products and services on top of what you already sell. For example, if you are in the food service industry, consider what types of products you could manufacture on top of just selling food. It depends on what type of company you run, but don’t be afraid to try something new.
Another common cause of plateau in a company is lack of innovation. Like was mentioned before, the comfort zone can be an alluring trap. People like consistency and stability, but it can at times be stifling to creativity. It’s especially important to talk to your employees.
They are the ones working in the trenches every day and might have some great ideas on how to make improvements. Create an environment in which they are comfortable to voice their opinions. Interviews and meetings are one way to do this.
Set Aggressive Goals
It’s important to periodically look at specific goals you have set and re-evaluate ways you can reach them. If you decide to set new or change existing goals, don’t make it too easy on yourself. Set goals you know will make you stretch. It may seem uncomfortable at first but it will motivate you to work harder
Re-evaluate Your Purpose
After a period of time it’s easy to lose focus. Employees can get so caught up in the minor details of the section of the company they run that they forget why they are doing it in the first place. Take time to remind yourself as well as your employees of the company’s overall purpose. Everyone will work a little bit harder and it may give you the boost you need to push past the stagnation.
Image courtesy of chanpipat / FreeDigitalPhotos.net