The first several years of running a small business can be downright exhilarating. It’s nothing short of thrilling to watch your business grow from a mere dream into a successful reality. A few years of success can be quite ego-boosting. After a while, however, even the most rapidly growing business is sure to experience a plateau. Things may even seem to be getting stagnant. At that point, fear tends to set in as you begin wondering if the “latest and greatest” is about to pass you by.
It’s critical that business owners resist every temptation to become complacent. Even if the money is still rolling in, you can’t allow yourself to sit back and enjoy the ride. Just when you’ve gotten accustomed to riding in a Lexus, you might just find yourself in a Ford Pinto.
Fortunately, there are numerous strategies you can employ to avoid stagnation. Here are a few:
1) Don’t invest so much time in fulfilling orders/providing service that you fall short in building the business through marketing and business development initiatives. Even if you have to hire a few extra workers, make sure you set aside enough time to prepare for future growth. After all, your ultimate goal should be growth, not merely maintenance.
2) Take a look at how the competition does it. Even if you are currently at the top of the heap, chances are your competition is ramping up to topple you from your lofty throne. Take the time to visit their websites. Carefully study their design and functionality. How easy is it to place an order or learn about what they have to offer? How does that compare to your website? How do their prices and quality compare to yours? Is it time for a revamp?
3) Take advantage of technological advances to keep tabs on your competitors and maintain communication with your customer base. You may want to consider starting a blog or sending out regular e-newsletters. Services like LiveChat can help bolster your customer service, enabling you to resolve customer issues and answer questions much quicker, thus boosting customer satisfaction. Meanwhile, services like Google Alerts can be used to keep abreast of any news coming out of the competition. When they announce a new product or service, you will automatically be notified.
At the heart of the message is this: You can never truly rest on your laurels if you want your business to survive. Everything is in a constant state of flux – so much that you have to constantly be thinking and innovating and considering how you can do things differently. The results will be well worth the effort.
To discuss more ways you can grow your business, contact Daley and Associates. We offer expert staffing assistance and a whole lot more.
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