Most businesses go through cycles of activity, including busy periods and slow periods. They also tend to fluctuate in line with economic conditions; if the broader economy is going through a recession, it’s only natural that you’d see a slight decrease in sales or eliminate growth. But if you business has plateaued outside of these 'normal' fluctuations, it might be time to take action.
The Square content team has put together 8 things you could try to move your business up and out of stagnation.
- Set the right goals (and expectations). Take a look at your current goals and expectations, and be willing to reset them.
- Get outside perspective. Outside observers will be able to provide a more unbiased take on how your business works and what it could be missing.
- Change up the leadership. If things aren’t going your way, consider changing up the leadership that will bring new ideas.
- Focus on innovation. Make sure you make innovation a focal point for your business; encourage your staff members to come up with new ideas on a regular basis, and direct plenty of funding for the research and development of new products and services.
- Analyze your competitors. If you notice that all of your competitors are struggling in the same way, this could be an industry-wide problem.
- Ask your customers for advice. Your customers are the lifeblood of your business, so ask them what they think about it.
- Get to a new market. For example, you could try to reach a different demographic with a fresh line of products, or you could physically expand to a new geographic area.
- Periodically reassess. Take the time to reassess your goals and your progress toward those goals. Things change quickly in the business world, so you have to remain adaptable.
Read the full article, here.
