“Failure is simply the opportunity to begin again, this time more intelligently.”– Henry Ford
No email sign-ups. No more newsletter subscriptions. Traffic Search has already hit a wall. The only person who likes your Facebook and LinkedIn posts is your Aunt.
Your business has flatlined. You can’t figure out why everything stalled.
Myriad questions surround you when the business stops growing. Why do you think it happens? ‘No idea’ you say. Following are the 4 primary reasons a business lands this situation
The business starts running on an autopilot mode, once it matures. By then, the entrepreneurs know the what, why, and how of the product – without realizing ‘they have not made it’ yet. Moving to the new businesses may seem a tough task in the beginning, but if you spend all your time in the business, you will not have any time left to work on the business.
Stay on the lookout – Is there any other industry where your product can be a big hit? Can you innovate your products a bit to gain an edge over competitors?
You started with a great plan, but then you decided to make it your comfort zone. And now you’re bored. Your focus is diverted to the other exciting startup. The boredom has forced you to stop marketing efforts too.
That’s alright. Nobody is immune to these feelings. But at the same time, why would you want to rewire a business that’s already working wonders for you? This is when you need to turn up your enthusiasm and restore the passion you had before starting this company.
If you’ve just read a report portraying everyone can earn money easily through the internet minus employees and skills – Don’t believe it. There are employees behind every successful business process. If your business has plateaued, you need to invest in people to kick start the growth trajectory.
The investment comes with its own risks- bloated payroll, short-term revenue/profits will decrease, you will be left with lesser margins. But welcome to the role of a real ‘Business Owner’- Take risks, this is your job. And remember, 99.99% of businesses need people to start making money.
Are you working on the sales and marketing strategy for the next year, already? It’s important. But there are things more important than this.
Improving employee performance, customer churn, and increasing referrals are some internal changes that can result in increased margins/leads. If you’re not thinking of working on the internal opportunities, you’re leaving tons of profit and revenue on the table.
There are many things one can do – Like blaming this on factors such as insufficient money, or time, or people.
Or simply- Working on the issues, trying to find the root of problems rather than pinpointing the symptoms, and investing in the right people.Choose your pick wisely!